The first Gulf Cooperation Council and the Association of Southeast Asian Nations (GCC-ASEAN) Economic and Investment Conference, organized by the Ministry of Investment of Saudi Arabia (MISA), was successfully hosted in Riyadh on 27-28 May 2024. This conference comes following the landmark summit held in the Saudi capital last year which was aimed to promote collaboration and carry out initiatives/agreements that strengthen economic and development ties between the Gulf region and Southeast Asia.
The Tourism Infrastructure and Enterprise Zone Authority (TIEZA), represented by Assistant Chief Operating Officer (ACOO) Atty. Karen Mae G. Sarinas-Baydo, participated in the panel discussion on Tourism & Quality of Life with the
Theme: Tourism Future: Sustainability, Inclusivity, and Wellness, along with representatives from Oman, Thailand, Singapore, and the Kingdom of Saudi Arabia (KSA).
ACOO Sarinas-Baydo shared how tourism is an important driver of Philippine economic development, and the potential of investing in the tourism sector of the country. She also discussed some of TIEZA’s key infrastructure projects in the Philippines that support sustainable tourism and open for investment, and how it benefits the community and the environment. She presented the framework of the Flagship Tourism Enterprise Zones (FTEZs), these are zones which TIEZA master planned to be developed into an integrated tourism estate that can feasibly host sustainable tourism enterprises, such as San Vicente in Palawan. The need for private sector capital and expertise in these FTEZs are highlighted especially in the development of utilities and tourism related enterprises that benefit the community as much as the tourists. This shall stir the local economy, improve the host community and provide livelihood and employment opportunities for families.
She also discussed opportunities for public-private partnerships in government tourism assets as well as priority investment activities in the tourism sector that the Philippine government facilitates through the grant of fiscal and nonfiscal incentives, streamlined processes and one-stop shop.
The TIEZA delegation also includes Business Development Department Manager Janeth Christin “Teng” Ocampo as well as Evaluation and Registration Division Manager Donald Maldonado. They were joined and supported by the Philippine Embassy in Riyadh KSA led by Charge d’Aiffaires Rommel A. Romato and Vice Consul and Third Secretary Aldrick Joseph M. Timbol as well as Agriculture Attaché Nolet A. Fulgencio.
During the side meetings with the Public Investment Fund (PIF), the Chamber of Commerce and the Ministry of Tourism, the Philippine delegation presented the profile of the Philippine tourism industry, TIEZA assets open for foreign investments, as well as incentives that prospective foreign investors may avail.
The ASEAN – GCC Economic and Investment Conference brought together leaders, business representatives, and investors from both regions, reflecting the shared vision for a prosperous future and commitment to working together for mutual benefit.