Philippines braces to launch halal trade mission to Saudi Arabia in October
Date
10/7/2024 5:39:07 AM
(MENAFN) The Philippines is gearing up to launch a halal trade mission to Saudi Arabia later this month, aiming to strengthen trade relations with the Kingdom. This initiative, organized by the Philippine Department of Trade and Industry (DTI), will take place from October 27 to November 5, covering key cities such as Riyadh and Jeddah. Philippine officials are focused on expanding the domestic halal industry while fostering closer ties with Saudi Arabia, a significant player in the global halal market.
Rommel Romato, the charge d’affaires of the Philippine Embassy in Riyadh, emphasized that the halal mission is intended to effectively promote the growing Philippine halal trade industry. The delegation will consist of representatives from various government agencies and private sector entities, all set to participate in the Saudi International Halal Expo 2024 in Riyadh. This event will provide a platform for showcasing Philippine halal products and services, highlighting the nation's commitment to enhancing its presence in this lucrative market.
The mission will also involve officials from the tourism and agriculture sectors, along with members of the National Commission on Muslim Filipinos, which oversees Muslim affairs in the Philippines. With approximately 10 percent of the nearly 120 million population being Muslim, the predominantly Catholic nation has set ambitious goals to double the number of halal-certified products and services. By 2028, the Philippines aims to attract 230 billion pesos (approximately USD4 billion) in investments and generate around 120,000 jobs, leveraging the global halal market, which is estimated to exceed USD7 trillion.
Earlier this year, the DTI conducted a business-matching mission to Saudi Arabia, targeting food, beverage, and personal care exporters. The Philippines has seen a notable increase in trade volume with Saudi Arabia from 2022 to 2023, following President Ferdinand Marcos Jr.'s visit to Riyadh last October. During that visit, a significant investment agreement worth USD4.26 billion was signed with Saudi business leaders, marking a crucial step toward enhancing economic cooperation between the two nations.
MENAFN07102024000045015839ID1108752354
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.