THE governments of the Philippines and the Syrian Arab Republic forged economic agreements last month, including one that would boost micro, small and medium enterprises (MSMEs), the Department of Trade and Industry said.
The Trade department said the two governments signed four memoranda of understanding (MOU) in the areas of SME development, construction and housing information technology (IT) and tourism.
The two governments also signed two bilateral agreements: one aimed at promoting and protecting investments, and the other strengthening economic collaboration and trade between the two countries.
“The MOU on One Town, One Product [OTOP] promotion and SME development adopts the OTOP business model to flourish trade and industry in the MSME sector,” Trade department said.
OTOP is a program of the Philippine government that promotes entrepreneurship and job creation through the promotion of a distinct product or service of a locality in which the area has a comparative advantage.
The memorandum in the area of housing and construction would promote cooperation on bidding and tendering, consulting, contracting, engineering and regional planning, while the memorandum on IT paves the way for sharing of competencies.
The memorandum of understanding on tourism calls for exchange of cultures to boost travel.
Philippines and Syria also forged a bilateral agreement on the promotion and protection of investments, creating and maintaining conducive environment as well as favorable conditions for two-way flow of investments.
Both nations also will put up a framework to develop and promote bilateral trade, and to collaborate on initiatives in accordance with development needs beneficial to them.
Department of Trade and Industry said International Container Terminal Services Inc. (ICTSI) has entered into a 10-year agreement—with an option to extend for five years—with Syria’s Tartous Port General Co.
At end-July, Syria was the Philippines’ 116th biggest trading partner, 107th largest export market and 117th import supplier.
The Philippines’ major exports to Syria are pineapples, coconut and copra; cream and powdered milk; crocheted, knitted and woven fabrics; and bleached, deodorized, and refined oil. Syria, on the other hand, ships iron and steel to Manila.
At present, about 17,000 Filipinos are employed in Syria, the Trade department said, citing data from the Philippine Embassy in Damascus. –Ben Arnold O. De Vera Reporter, Manila Times
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