UAE, Philippines sign investment protection deal in Dubai

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UAE, Philippines sign investment protection agreement in Dubai

  The Philippines and the UAE signed an investment promotion and protection agreement (IPPA) in Dubai on Thursday (June 9). Department of Trade and Industry (DTI) Secretary Ramon Lopez, Jr. and UAE Ministry of Finance (MOF) Minister of State Hadi Al Hussaini signed the agreement. Hjayceelyn Quintana, Philippine Ambassador to the UAE, witnessed the signing. Lopez said the landmark agreement is set to boost bilateral investments and bolster economic cooperation between the two countries. With the agreement, the Philippines is set to heighten investment activities with the UAE, which ranked last year as the Philippines’ 20th trading partner. Ambassador Quintana said the agreement was timely as the Philippines and UAE forge stronger relations, expanding the depth and breadth of cooperation across many areas, including trade and investment. “This historic agreement is the first of a number of bilateral instruments that will further cement close ties between our two countries as the Philippines and the UAE mark 48 years of diplomatic relations this year. I am joined by my compatriots in the UAE in expressing our fervent hope that this IPPA will usher in an era of heightened investments as our two countries build confidence, creating a mutually favorable environment for investors of both sides,” Quintana said. The IPPA comes after a successful collaboration between DFA and DTI, including the coordination between the Philippine Embassy in Abu Dhabi and the Ministry of Foreign Affairs and International Cooperation in facilitating negotiation meetings and exchange of drafts between BOI-DTI and the UAE MOF. Between 2015 and 2020, the UAE contributed up to one-third of Outward Foreign Direct Investments, surpassing neighbouring countries in the GCC. Approved investments from the UAE in 2019 amounted to P685 million, with P19 million in 2021 alone. ICA/Expat Media

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