Tuesday, April 18, 2017

Qatar will invest around $1-Billion to Mindanao

President Duterte’s visit to the Middle East has also bagged a $1-billion sovereign investment fund from Qatar, Trade Secretary Ramon Lopez said on Monday.

In a text message, Lopez said Qatar and the Philippines signed on Sunday morning the Investment Protection and Promotion Agreement (Ippa) to facilitate the $1-billion investment of the Qatari government in the country.

The trade chief mentioned that the investments will be for developmental projects in Mindanao, particularly in areas of agriculture and infrastructure.

The Ippa will also identify other investment opportunities here.

“Basically, [it] provides internationally recognized investor rights and safeguards. Qatar investors will be [treated] fairly and will not be disadvantaged,” Lopez added.

The Ippa with $1-billion investments from Qatar is on top of the $925-million investment prospects signed during the Middle East visit of Duterte last week.

The Chief Executive’s Middle East trip, along with other government officials including Lopez, were held in Saudi Arabia, Bahrain, and Qatar.

SOURCE: BusinessMirror


Post a Comment