PH-Israel commerce is anticipated to reach $1 billion in 2024.
By 2024, trade between the Philippines and Israel will be expected to reach $1 billion, led by investments in tourism, water management, and agriculture.
On Monday’s eve of the Philippines-Israel economic briefing in Makati City, Yael Ravia-Zadok, director of the Economic Affairs Division at the Israel Ministry of Foreign Affairs, she expressed optimism about the expansion of commerce between the two nations.
She said that we were able to transact over $500 million worth of business last year, and we believe that the potential is even bigger this year.
Ravia-Zadok stated that to expand trade, Israel and the Philippines both want to see an increase in tourism, first thanks to the former’s deal with Saudi Arabia and Oman, allowing quicker transit from the Middle East to Southeast Asia.
“Now that we are closer to one another, we want to see direct flights from Israel to Manila and Manila to Israel soon. That would help commerce, industry, and tourism, according to her.
According to Ravia-Zadok, other cooperation areas include renewable energy, water management, and food security.
“This visit began a new period in diplomatic and business ties. “We’ll have many more delegations that visit each other (and this will see an increase in bilateral trade),” she said, adding that “I’m confident that with the business-to-business meetings, we will see trade growing.”
According to NEDA Secretary Arsenio Balisacan, the government’s 194 infrastructure flagship projects, valued PHP8.3 trillion and in various phases of development, have been presented to the Israeli business group.
Considering that Israel has only made a modest amount of foreign direct investments (FDIs) to date, Balisacan claimed that the visit of Foreign Affairs Minister Eli Cohen of Israel and representatives of the various companies from the Middle Eastern nation created new prospects and strengthened ties.
According to him, the key forces behind potential greater cooperation, trade, and investments between the two nations are the Philippines’ agriculture sector, particularly in water-related technologies, tourism, and information and communication technology (ICT).
According to Balisacan, who cited a presentation at the event, almost 70% of Israel’s residential water is desalinized to make it suitable for use in food and drink.
He emphasized that while the Philippines has rich water resources, there is a lack of proper technology, methods, and management to extract and store water. He noted that this is where the partnership with Israel will be crucial.
He declared, “We need best practices that are suited for us.
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