MAASIN CITY- The country stands to access a wide array of foreign investments following a top level trade visit to the United Arab Emirates (UAE) last week, Sec. Roger Mercado of the Department of Public Works and Highways reported.
“There were negotiations for Investment Promotions Protection Agreement (IPPA) worth about $600 million,” Mercado said at a press conference with local media Sunday, February 20, at Kinamot Restaurant, Maasin City.
Mercado shared that he was part of the group that went to Dubai for an official visit in which one of the highlights was the holding of bilateral trade talks with top UAE officials for a comprehensive economic agreement deal.
Aside from the DPWH secretary, the Philippine delegation also included Trade and Industry Sec. Ramon Lopez, Sen. Aquilino Pimentel, Agriculture Sec. William Dar, and PCOO Sec. Martin Andanar, among others.
Another fruit of the Dubai visit was that foreign contractors can come in and pursue infrastructure projects under the Build, Build, Build program of the current administration, as well as agribusiness, tourism-related ventures, and other high-end investments in key industry sectors, Mercado said. (MMP)