The Philippines and Saudi Arabia have agreed to bolster their economic cooperation in trade, labor, and renewable energy following a successful bilateral meeting between President Ferdinand R. Marcos Jr. and Saudi Crown Prince and Prime Minister Mohammed Bin Salman during the first ASEAN-GCC Summit.
At the meeting, Prince Mohammed expressed his keen interest in advancing trade and investment relations between the two nations, highlighting his curiosity about the Maharlika Investment Fund (MIF) and the potential for business-to-business collaborations.
President Marcos responded by expressing the Philippines’ willingness to engage with Saudi businesses to learn more about the structure of Saudi sovereign wealth funds, with the aim of enabling private sector participation in the Maharlika Investment Fund.
The leaders also explored potential partnerships in the renewable energy sector, with the Crown Prince mentioning the prospect of a Saudi company that produces solar panels for the Middle East and Africa investing in the Philippines. Additionally, they discussed cooperation in the broader energy sector, as Saudi Arabia aims to collaborate with the Philippines to meet its energy needs.
President Marcos highlighted the Philippines’ willingness to cooperate in the clean energy sector and discussed the potential for agricultural projects to ensure food security for the Saudi Arabian market.
This meeting builds upon the leaders’ prior encounter in Bangkok, Thailand, during the Asia Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting in November last year, further strengthening the diplomatic and economic ties between the Philippines and Saudi Arabia.