Gulf wealth funds eyeing stakes in sectors such as tourism, energy, says trade minister
The Philippines said on Wednesday it expects investments
totaling $1.5bn from Qatar and Kuwait this year, with investors looking at
opportunities in infrastructure, agribusiness, tourism and energy sectors.
Qatar's sovereign wealth fund was taking a look at the
Southeast Asian nation's agriculture, energy and tourism sectors, said Manila's
Trade Undersecretary Cristino Panlili.
Panlilio said Qatar's investment plans may be discussed
during a state visit later this month by the emir of Qatar.
"The Qatar Investment Authority is interested in food
security, agribusiness, energy-related projects and hotels," he said in an
interview, without giving further details.
Panlilio said another $500m in investment has been committed
by Kuwait and Gulf Link Holding Co (KGL), which was eyeing opportunities in the
tourism, business outsourcing, and infrastructure sectors.
"KGL is open to investing in new projects, not just
government projects," he said.
He confirmed a local newspaper report on Tuesday that top
KGL officials had recently met with President Benigno Aquino about the global
logistics group's investment plans.
The KGL Group has a $200m investment in Global Gateway
Development Corp, a private firm constructing the $2bn Gateway Logistics Center
at the Clark Export Processing Zone in Pampanga province, north of Manila,
according to the newspaper report.
"If it's a government project they are going to run
after, bidding is a must. But if it's a private sector project, then it's
subject to negotiations," Panlilio said regarding the investment process.
Excellent strategy of Philippines to attract investment from Qatar & Kuwait