Philippines invites Saudi partnerships in halal industry, renewables

Philippines invites Saudi partnerships in halal industry, renewables
Philippines invites Saudi partnerships in halal industry, renewables

Thank you for reading the news about Philippines invites Saudi partnerships in halal industry, renewables and now with the details

Jeddah - Yasmine El Tohamy - MANILA: The Philippines says it is open to expanding partnerships with Saudi Arabia in its top priority sectors, including renewable energy and the halal industry.

The use of renewable energy was announced as the main issue in the country’s climate agenda during President Ferdinand Marcos Jr.’s first state of the nation address in 2022.

Renewable energy contributes about 30 percent to the Philippines’ energy mix, which is dominated by coal and oil. The government seeks to increase it to 35 percent by 2030 and 50 percent by 2040, and make renewables more accessible to the public.

“Given the Kingdom’s role in the supply of conventional and renewable energy, the Philippines is open to possible partnerships in the field of renewables,” Foreign Affairs Secretary Enrique Manalo told Arab News this week.

An agreement to enhance cooperation in the field was reached in October, during President Ferdinand Marcos’ visit to the Kingdom at the invitation of Saudi Crown Mohammed bin Salman.

A business delegation accompanying the president signed investment agreements collectively worth more than $4.26 billion with Saudi business leaders.

“With Saudi Arabia’s role as a regional business and political hub, we wish to increase investments,” Manalo said.

“Further, amidst the region’s changing landscape and economic diversification initiatives, we aspire to expand our partnership in the fields of agriculture, tourism and the halal industry.”

In January, the predominantly Catholic Philippines — where Muslims constitute about 10 percent of the almost 120 million population — launched its Halal Industry Development Strategic Plan to tap into the global halal market, which is estimated to be worth more than $7 trillion.

The plan aims to double the industry’s output in the next four years, create 120,000 new jobs and attract $4 billion in investments by 2028.

These were the details of the news Philippines invites Saudi partnerships in halal industry, renewables for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Greece to bring in Egyptian farm workers amid labor shortage
NEXT Top French university loses funding over pro-Palestinian protests

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]