MANILA, Philippines - The government of Kuwait is eyeing the establishment of a business chamber in the Philippines to further expand its trade and investments in the country, the Department of Finance (DOF) said.
During a recent meeting, Kuwait Ambassador Musaed Saleh Ahmad Althwaikh told Finance Secretary Carlos Dominguez his country is seeking to explore more business opportunities in the Philippines.
The ambassador said Kuwait wants to take advantage of the “new era of investments” in the country, particularly in the energy and tourism sectors.
To achieve this, he said Kuwait aims to forge partnerships with Filipino businessmen by setting up a local Kuwaiti chamber of commerce and industry.
Currently, Kuwait’s investments in the Philippines are mostly in agriculture-related enterprises, Althwaikh said.
Dominguez, for his part, committed to seek the assistance of the Philippine Chamber of Commerce and Industry through its president, George Barcelon, in establishing the local chamber and creating linkages with the Filipino business community.
He also informed the Kuwait ambassador of the government’s initiatives to attract more investments through legislative proposals to cut corporate taxes and relax restrictions on foreign ownership.
Meanwhile, Althwaikh also said he has sent a formal letter of invitation to President Duterte to visit Kuwait, where some 250,000 Filipinos currently reside and work.
The government of Kuwait and the Philippines before had signed various agreements on labor cooperation, expansion of cultural ties, strengthening of trade relations 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.