Amid global crisis, Arroyo calls for closer ties with UAE

DUBAI -- President Macapagal-Arroyo Sunday stressed the need for the integration of economies amid the global financial volatility as she appealed to business leaders here to invest in the Philippines.

The President, who arrived here Saturday night from Switzerland for a visit, made a fresh pitch for the Philippines as a “strategic business location” before leaders of the Dubai Chamber of Commerce and Industry.

“This week’s global economic uncertainties underscore that business and government leaders around the world must all collaborate more closely,” she said at the Mina Al Salam Hotel.

In her speech, Ms Arroyo indicated that Dubai should take advantage of the ongoing trade between the Philippines and the United Arab Emirates.

“We import oil from UAE... so we hope that the emirate would buy more from the Philippines,” she said.

“The Philippines offers one of the best values for investments in Asia,” Ms Arroyo said, citing the country’s “strategic” location, its information technology-enabled and English-speaking human resource pool, and government efforts to cut down on bureaucratic red tape.

Beyond electronics and fruits, the President urged Dubai business leaders to consider investing in the country’s garment, footwear, beauty accessories, automotive parts, air-conditioning and furniture industries.

“There are products that the Philippines produces well, and they are products that the citizens of Dubai and UAE would enjoy,” she said.

At day’s end, after a series of meetings, the President and her business delegation managed to wrangle investment commitments, and forge agreements for further trade.

She said Dubai World, one of the largest companies in the emirate with a global network, had committed to invest in a resort in the Philippines through its leisure arm, Kerzner.

The terminal and port handling arm of Dubai World, DP World, is presently operating in Manila, and is one of the city’s biggest taxpayers, she said.

Before her speech, the Dubai chamber’s director general, Hamad Buamin, signed a memorandum of agreement with Eusebio Tanco of the Philippine Chamber of Commerce and Industry to expand trade, economic cooperation and other business relations.

In his welcome remarks, Al Tayer, chair of the Dubai chamber, acknowledged the key contribution of overseas Filipinos to the emergence of Dubai as a global city.

“The workforce -- the Filipinos -- has played a major part in the construction and growth,” he said. Dubai is home to 450,000 Filipinos.

He urged leaders of the Philippines and Dubai “to open doors to a dialogue on what we can do next” for the business community.

The Philippines ranks 65th among countries with direct trade with Dubai.

Earlier that day, the Jebel Ali Free Trade Zone Authority, a wholly owned subsidiary of Dubai World, signed a memorandum of understanding with the Subic Bay Metropolitan Authority to develop 42 hectares in the SBMA and market it as an investment location.

“[The MoU] will further enhance trade, investments and other commerce of the Philippines,” Press Secretary Ignacio Bunye said of the agreement, which was signed in Davos, Switzerland last week during Arroyo’s attendance at the World Economic Forum.

The President visited the JAFZA office here before attending the Dubai Chamber of Commerce luncheon. - TJ Burgonio, Joel Guinto, Philippine Daily Inquirer INQUIRER.net, January 28, 2008