President Rodrigo R. Duterte

President Rodrigo R. Duterte on Wednesday invited Saudi entrepreneurs to invest in the Philippines, as seven letters of intent involving $470 million were signed between the Philippines and local businessmen.

The Philippine president made the invitation as he addressed a sizeable crowd comprising industry leaders, investors and other guests at the Riyadh Chamber of Commerce and Industry on Wednesday afternoon.

Duterte asked investors to visit the Philippines and explore the possibility of investing in the economy, which has registered rapid growth.

He said that he and his delegation “have come here to thank you for helping my country and to invite those who are interested to invest in the Philippines.

“It’s from the bottom of my heart that I thank you for helping us,” Duterte said.

He said that as president, he and his administration will make it easy for foreign investors to do business in the Philippines and guarantee a return on investment (ROI).

He discussed areas with promise for investment such as agriculture and food, and said that the Philippines would comply with the requirements of importation.

Earlier, Charito Plaza, director general of the Philippine Economic Zone Authority (PEZA), signed the seven letters of intent (LOIs) with the local private sector.

The LOIs were signed with Sheikh Alwaleed Tuwaijri (Saudi Investment Group owner), Mohamad Abdullah Albesher (Bashe’er Addawa Trading Company chairman), Faud Abdulrahman Al-Rasheed (Future Formation Holdings president), Sultan Z. Al-Hussain (Zaid Al-Hussain and Brothers Group president and CEO), Amir M. Q. Siddiqui (Advanced Electronic Systems International Business Development director), Abdul Aziz Abdullah Abanmi (Eradh and Reyadhx Development and Commercial Investment president) and Mortaz G. Hawary (Arabian Bugshan Group manager).

A document obtained from PEZA said that a total of 15,950 workers will be needed for the projects as a result of the LOIs.

Trade Secretary Ramon M. Lopez said he was optimistic regarding the outcome of the presidential delegation’s visit as well as in the bilateral trade volume between the two countries.