The Philippines will be promoting investment opportunities in construction and related export products and services, and information technology-business process management (IT-BPM) in the Middle East during its business forum and business-to-business (B2B) matching series scheduled this December 15-16.
The forum and B2B sessions seek to open opportunities for Philippine firms in the construction, architectural landscape, interior design, engineering services outsourcing, and IT-BPM sectors to the United Arab Emirates (UAE) and Middle East as part of the business events of the Philippines’ participation in Expo Dubai.
“We are excited to promote the Philippines’ construction services and its allied industries, which has become one of the country’s fastest-growing industries over the recent years. Fueling this growth is our pool of world-class talents and skilled professionals such as our engineers and architects, who help build the reputation of the Philippines as a go-to partner for building homes, roads, and bridges and other construction and architectural projects of firms around the world,” alternate Commissioner-General for the Philippines’ participation in EXPO DUBAI Assistant Secretary Rosvi Gaetos said.
Gaetos said a total of 60 companies will be participating in the event comprising of companies representing construction and related export products and services, IT-BPM, and investment promotion. A synergy of agencies under the Department of Trade and Industry (DTI) spearheads this forum and B2B series.
These are the Export Marketing Bureau (EMB), the Board of Investments (BOI), the Construction Industry Authority of the Philippines–Philippine Overseas Construction Board (CIAP-POCB), the Center for International Trade and Expositions and Missions (CITEM), and the Philippine Trade and Investment Centers in Dubai and Jeddah (PTIC-Dubai & Jeddah).
The DTI is organizing the forum and B2B series as part of the Philippines @ Expo Dubai business events. The agency looks at the Expo 2020 Dubai as an ideal platform to promote the country’s trade, tourism, and investments and enhance the Philippines’ relations with the Middle East and the rest of the world.
The Expo 2020 Dubai runs from October 1, 2021 to March 31, 2022.
According to the Philippine Statistics Authority (PSA), the Philippine gross domestic product (GDP) posted an 11.8-percent growth for the second quarter of 2021.
Together with manufacturing, wholesale and retail trade, and repair of motor vehicles and motorcycles, the construction industry is one of the main contributors to this growth.
Construction posted the highest growth rate for the quarter at 25.7%, followed by manufacturing at 22.3%. It also substantially contributed 69.6% to overall capital investments or gross capital formation (GCF). Construction share to GDP by expenditure is equivalent to 16.6%.
Amidst the pandemic, the construction industry placed second with 1.7 percentage points as one of the top contributors to GDP growth for second quarter 2021. Manufacturing had 3.9 percentage points, and wholesale and retail trade with 1.0 percentage points.
The construction industry continues to provide job opportunities, employing on average a total of 4.337 million workers. The share of construction to total employment of 45.075 million as of June 2021 was equivalent to 9.6 percent. Thus, it is identified among the sectors to be prioritized for foreign investment.