The Federation of Gulf Cooperation Council Chambers of Commerce and Industry (FGCC Chambers) signed here Thursday two memorandums of understanding (MoUs) establishing wide-ranging economic cooperation between the Philippines and the six Arab Gulf States of Saudi Arabia, Bahrain, Kuwait, United Arab Emirates, Oman and Qatar. The first MoU was signed between the FGCC Chambers and the Philippine Chamber of Commerce and Industry (PCCI) providing for cooperation between the two business organizations in trade, industrial projects, agriculture, investment, banking, technology, education, and human resource development. The FGCC Chambers-PCCI business cooperation was signed between Dr. Essam Abdulla Fakhro, president of FGCC Chambers, and Edgardo G. Lacson, president of PCCI. The second MoU was concluded between the FGCC Chambers and AMA Group Holdings, Inc., for and on behalf of the Philippines business sector, citing the intention of the parties to pool their resources to jointly explore the possibilities in establishing the GCC–Philippine Economic and Investment Center in the Philippines and within the six GCC countries. The MoU proposing the establishment of the GCC-Philippines Economic and Investment Center was signed between Dr. Essam Abdulla Fakhro, president of the FGCC Chambers, and Dr. Amable V. Aguiluz V, Special Envoy of the Philippines to the GCC countries and chairman of the AMA Group. The envisioned center will serve as the platform and support agency in promoting economic cooperation between Manila and the Gulf States by identifying bilateral opportunities for joint venture projects and other business and investment undertakings. “The signing of these memorandums of understanding will further strengthen the already constructive economic relations between the Gulf countries and the Philippines,” Fakhro said after signing the two MoUs. He said the Philippines has remained a leading business partner of the Gulf countries. The signing of the two MoUs is a buffer to cushion the impact of the current economic recession, according to Aguiluz. “The strong economic fundamentals within the GCC states, owing to their robust liquidity, are positive indications that the Philippines business sector will benefit from these agreements,” Aguiluz said. PCCI has already signed business collaborations with five of the six GCC countries. The two concluded MoUs will further increase and develop business cooperation between the GCC private business sector and Filipino businessmen, according to Lacson. The signing of the two MoUs coincided with the holding of the Bahrain-Philippine Business Council meeting here in Manila. A delegation of 13 leading Bahraini businessmen, headed by Jawad Al-Hawaj, chairman of the council, is now visiting Manila to explore business and joint venture opportunities. Top officials from the Board of Investments, Philippine Economic Zone Authority, Department of Tourism, Department of Trade and Industry, Department of Agriculture, and Bureau of Fisheries presented the investment opportunities in the Philippines. Members of various Filipino trade and business organizations held one-on-one business matching sessions with the visiting Bahraini businessmen.
