Dubai Port (DP World) through Asian Terminals Inc. (ATI) is investing in a big- ticket barge terminal in Tanza, Cavite.
This is one of the most recent investments generated from the Middle East where the Philippine Economic Zone Authority (PEZA) is actively promoting the country.
Theo Panga, deputy director-general of PEZA, said the agency is also pursuing serious leads for foreign direct investments from the Kingdom of Saudi Arabia (KSA) in halal food, agri-business, information technology services and fintech, tourism, pharmaceutical, petrochemical and liquefied natural gas.
ATI currently operates the Manila South Harbor, the Port of Batangas, Batangas International Container Terminal an offdock yards in Manila and in Laguna. A barge terminal is a good complement to its business to ease movement of cargoes.
The Emirati logistics firm is ATI’s foreign strategic partner.
PEZA conducted recently an online briefing and testimonial for the Philippine ambassador to the KSA Adnan Villaluna Alonto in preparation for the PEZA Global Biz forum on June 29
Panga said KSA, which hosts the biggest deployment of overseas Filipino workers since the 1970s, is not among the top 15 biggest trade partners of the Philippines nor is it a traditional source of FDI for the country.
PEZA by far has registered two locators with Saudi Arabian equity, both in IT. For the entire Middle East, PEZA only has 21 locators with a total investment capital of P1.75 billion.
PEZA has reinvigorated the Philippines’ ties with non-traditional trading partners and country-sources of FDI that expanded the country’s exports to KSA of wearing apparel, canned pineapple, canned tuna, wooden furniture and automotive parts. Imports from KSA are mineral fuels, plastics, aircraft parts, iron and steel which are mainly used or produced by ecozone locators.
Panga said the Philippines is banking on the abundant liquidity of Gulf countries and their growing appetite for offshore investments.
