Kuwait seeks to establish chamber of commerce and industry in PHL

Kuwait intends to establish a business chamber in the Philippines to expand trade and investment in the country, the Department of Finance (DOF) said Friday.
 
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 exposures.
 
In a recent meeting with Finance Secretary Carlos Dominguez III, the ambassador said Kuwait wants to take advantage of the “new era of investments” in the Philippines, particularly in energy development and tourism.

Kuwait wants to forge partnerships with Filipino businessmen by setting up a local Kuwaiti chamber of commerce and industry.
 
Dominguez promised to hook up Kuwait with Philippine Chamber of Commerce and Industry (PCCI) President George Barcelon regarding the plan to set up a business chamber.
 
The Duterte administration will propose legislative measures to cut corporate tax and relax constitutional restrictions on foreign ownership to attract more foreign investors into the county, according to the DOF.
 
The ambassador said Kuwait is inviting President Duterte to visit the Persian Gulf state where an estimated 250,000 Filipinos live 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.
 
Trade between the two countries totaled $779 million in 2015, with the balance of trade in favor of Kuwait as a result of importations of petroleum product, according to the Philippine Embassy in Kuwait. 
 
Kuwait investments in the Philippines include Negros Navigation, the Sabah Al Ahmad Global Gateway Logistics City in Clark Export Processing Zone, and the Intishar banana plantation in Davao. — VDS, GMA News