Kuwait has sought the assistance of the Department of Finance (DOF) in establishing a business chamber here as part of its efforts to expand trade and investments in the Philippines.
In a recent meeting with Finance Secretary Carlos Dominguez III, Kuwait ambassador to Manila Musaed Saleh Ahmad Althwaikh said his country, whose investments in the Philippines are mostly in agriculture-related enterprises, wants to explore more options to broaden its business opportunities here.
The ambassador said Kuwait would want to take advantage of the “new era of investments” in the Philippines, particularly in the fields of energy development and tourism, and forge partnerships with Filipino businessmen by setting up a local Kuwaiti chamber of commerce and industry.
Dominguez, in turn, committed to seek the help of the Philippine Chamber of Commerce and Industry (PCCI) through its president, George Barcelon, in setting up Kuwait’s chamber of commerce here and establishing strong linkages with Filipino businesspersons.
The finance chief also informed the Kuwait ambassador that to further attract investments to the Philippines, the Duterte administration “will be proposing legislation to cut corporate taxes” and relax constitutional restrictions on foreign ownership.
The ambassador informed Dominguez that he has sent a formal letter of invitation for President Duterte to visit Kuwait, where some 250,000 Filipinos currently reside and work.
Kuwait and the Philippines have signed agreements on labor cooperation, expanding cultural relations, strengthening ties in the areas of agriculture and fisheries and the waiver of visa requirements for holders of diplomatic, special and official passports between the two countries.
The total trade value between the two countries reached $779 million in 2015, with the balance of trade in favor of Kuwait, largely because of the Philippines’ importation of petroleum products, according to the Philippine Embassy in Kuwait.
Among Kuwait’s investments in the Philippines are the 177-hectare aviation-oriented logistics and business center in Clark, Pampanga and the acquisition by Kuwait and Gulf Link (KGL) of Negros Navigation and Intishar’s banana plantation in Davao.
