The Philippines gained a strong economic alliance from a non-traditional trading partner following the three-day presidential visit in Jordan.

Jordan, which was PH’s 82nd trading partner in 2017, had companies pledging a total of USD 60.675 M-worth of investment intentions during the Business Forum organized by the Department of Trade and Industry in Amman on 6 September 2018.

This visit is a milestone for both countries, especially in the areas of trade and investments. It is paving the way to attract investments from a non-traditional partner and encourage more businesses from both countries to explore economic opportunities,” said DTI Secretary Ramon Lopez.

The agreements and pledges of interest signed today are big success for the Philippines, especially coming from zero approved investments in 2017,” the PH trade chief added.

DTI reported that the business expansion intentions are expected to generate 434 employment opportunities in the country, which focus on logistics operations, mobile-related service solutions, robotics, as well as information and communications technology.

The forum, well-attended by high-level representatives of Jordanian companies, highlighted the Philippines’ economic growth as well as the ongoing reforms of the Duterte administration to stop corruption and facilitate ease in doing business in the country.

The investment and business expansion intentions– composed of two Memoranda of Understanding (MOU) and seven Letters of Intent (LOI)– were signed in the presence of President Rodrigo Duterte.

Among them, Nafith International expressed its intention to locate its regional office in PH and explore opportunities on logistics planning and operations worth USD 50 M. There was also an intention from Universal Labs Ltd. for a manufacturing facility for Dead Sea products to cover their Asian market exports.

Other business intentions cover digital cross-border remittances, artificial intelligence, e-education, importation of steel structure and building materials, healthcare, insurance, as well as genome testing service for hospitals.

Meanwhile, the Philippine Chamber of Commerce and Industry (PCCI) signed an MOU with the Jordan Chamber of Commerce for promotion and expansion of trade, economic, scientific, technological cooperation, and other business relations between concerned organizations and firms. PCCI also signed an MOU with the Jordan Chamber of Industry to establish a linkage between businesses and industrial sectors that will facilitate cooperation and joint ventures in both countries.

We would like to keep the momentum and hype up the interest level of companies to engage and join our growth story. We look forward to this expanded relationship with Jordan that will result in deeper cooperation not only in trade but also on the exchange of best practices on new technologies and business process management,” said Sec. Lopez.

Jordanian companies present during the event include Dinarak, Arabia Cell, Galaxy Organization, Mobile Z Nation, and Reprogene.♦

Date of Release: 7 September 2018