The Philippines and Oman are eyeing to conclude “investment agreements” that would incentivize Omani businesses planning to invest in the Philippines.
Foreign Affairs Secretary Ma. Theresa Lazaro disclosed the information during a visit to Muscat, Oman for the 2nd Oman-Cebu Investment Forum on Feb. 9.
“She highlighted the recent momentum in bilateral cooperation, specifically noting the newly signed agreements in the health and agriculture sectors,” the Department of Foreign Affairs (DFA) said in a statement on Tuesday.
“Furthermore, Secretary Lazaro underscored both sides’ commitment to conclude investment agreements, which aim to provide a more secure and incentivized framework for Omani investors looking toward the Philippines.”
The DFA has yet to provide additional information when asked for details about the anticipated deals.
Omani Foreign Affairs Minister Sayyid Badr Albusaidi, meanwhile, signaled Oman’s readiness to work closely with the Philippines in line with its national economic diversification agenda.
During the forum, he expressed his vision for more lasting partnerships with Manila while reaffirming Oman’s appreciation for the 50,000-strong Filipino community and its vital contributions to the Omani social and economic landscape.
“Building on last year’s success, in Cebu, we’re converting talks into real projects: expanding trade, driving innovation, and fostering sustainable growth for a lasting Oman-Philippines partnership,” he said.
In a joint statement dated Feb. 10, the two top diplomats urged both Filipino and Omani private sectors to foster mutually beneficial and sustainable economic engagement.
Sectors highlighted during the forum are trade and investment; tourism, hospitality, and cultural ties; logistics and connectivity; renewable energy; digital economy, innovation; agriculture, healthcare; vocational and technical cooperation; education; and sustainable development. (PNA)