MANILA: The Philippines is seeking new partnerships with Saudi Arabia in the sustainability and halal sectors, the Department of Trade and Industry said on Monday after the two countries’ top business bodies signed an agreement to enhance economic ties.

The Federation of Saudi Chambers and the Philippine Chamber of Commerce and Industry signed a memorandum of understanding in Riyadh last week, aimed at boosting trade and investment between the two countries.

“The collaboration sets the stage for ongoing exchanges that will drive sustainable growth across sectors,” the DTI said in a statement of the PCCI pact.

The agreement was a “significant milestone” in Saudi-Philippine relations and will be “a foundation for projects aligned with both countries’ goal(s) in sustainable development, trade expansion, and cultural ties,” it added.

The PCCI was part of a DTI-led delegation comprising government agencies and business leaders, whose mission to the Kingdom will conclude on Tuesday.

The mission was organized to promote the Philippines’ halal industry, as Manila has set out to expand it significantly. This includes doubling the number of its halal-certified products and services, raise 230 billion pesos ($4 billion) in investments, and generate around 120,000 jobs by 2028.

To achieve those goals, the Philippines is also working to tap into the global halal market — estimated to be worth more than $7 trillion — through new collaborations with countries in the Middle East, including Saudi Arabia.

“This is a good beginning where we can open the gate so that we could collaborate between two countries … we can restart and redevelop our business between the Philippines and Saudi Arabia,” Elsie Chua, business executive and co-chair of the Philippines-Saudi Business Council, told Arab News.

Chua said there were opportunities under the Saudi Vision 2030 plan, including in construction, food security and wellness.

“I can foresee we could reach not only in (halal) food … but also in cosmetics, etc.,” she said. “Next year, we will bring a bigger delegation to be led by our president of the PCCI … wherein we will also bring designers, architects as well as construction companies.”

Manila recorded a rise in Philippine-Saudi trade from 2022 to 2023. This followed President Ferdinand Marcos Jr.’s visit to Riyadh last October, during which a $4.26 billion investment agreement was signed with the Kingdom’s business leaders.