NextGen Day

President Ferdinand R. Marcos Jr. stated on Tuesday that the Philippines has more leverage to draw Arab investors searching for a new investment hub due to the substantial presence of overseas Filipino workers (OFWs) in the Middle East (Zurich time).

When questioned about his thoughts on potential interaction with Gulf nations that are now considering Southeast Asia as a new investment destination, Marcos made the statement in an open discussion at the World Economic Forum (WEF) in Davos, Switzerland.

He asserted that Southeast Asia should return to its pre-pandemic status, stating that the area had a “fast-growing” economy before the coronavirus epidemic outbreak (Covid-19).

Any significant capital-intensive investment is welcome in the Philippines, according to Marcos, who also stated that his administration is making every effort to swiftly pay off the nation’s debt.

“The labor force is still present and active. As leaders, I believe it is our responsibility to exercise extreme caution in how we guide the current state of the economy because things are not going according to plan. During the question-and-answer period, the President stated that the epidemic “changed everything. We actually have extremely strong relations with Middle Eastern countries, specifically with those in the region.

Due to the significant concentration of OFWs in the Middle East, Marcos claimed that the Philippines’ relations with Gulf countries have a “very excellent” base.

Because the topic of the overseas Filipino workers usually comes up in the conversations we’ve had with various Middle Eastern governments, Marcos added.

He cited the “extremely wide and aggressive” expenditure plan of the Organization of the Petroleum Exporting Countries (OPEC) members over the coming few years as evidence that trade is always a factor.

According to Marcos, as the Philippines talks to Arab countries about its proposed sovereign wealth fund, commerce is brought up.

Because they have been the most successful, he added, “some of the examples that we’re looking at are the ones in the Middle East.” “There are linkages. We just did not place it there. But I’m certain that we must fully utilize any chances that are presented to us.

Currently, Marcos is in Switzerland to take part in the WEF, a worldwide platform for public-private partnerships.

Leaders from the public, private, and nonprofit sectors gathered at the forum to debate global issues and set goals for the coming year.

Since 2020, there has not been an in-person meeting of the WEF.

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