expanding partnerships with Saudi Arabia in its top priority sectors, including renewable energy and the halal industry.<\/p>\n\n\n\n
The use of renewable energy was announced as the main issue in the country\u2019s climate agenda during President Ferdinand Marcos Jr.\u2019s first state of the nation address in 2022.<\/p>\n\n\n\n
Renewable energy contributes about 30 percent to the Philippines\u2019 energy mix, which is dominated by coal and oil. The government seeks to increase it to 35 percent by 2030 and 50 percent by 2040, and make renewables more accessible to the public.<\/p>\n\n\n\n
\u201cGiven the Kingdom\u2019s role in the supply of conventional and renewable energy, the Philippines is open to possible partnerships in the field of renewables,\u201d Foreign Affairs Secretary Enrique Manalo told Arab News this week.<\/p>\n\n\n\n
An agreement to enhance cooperation in the field was reached in October, during President Ferdinand Marcos\u2019 visit to the Kingdom at the invitation of Saudi Crown Mohammed bin Salman.<\/p>\n\n\n\n
A business delegation accompanying the president signed investment agreements collectively worth more than $4.26 billion with Saudi business leaders.<\/p>\n\n\n\n
\u201cWith Saudi Arabia\u2019s role as a regional business and political hub, we wish to increase investments,\u201d Manalo said.<\/p>\n\n\n\n
\u201cFurther, amidst the region\u2019s changing landscape and economic diversification initiatives, we aspire to expand our partnership in the fields of agriculture, tourism and the halal industry.\u201d<\/p>\n\n\n\n
In January, the predominantly Catholic Philippines \u2014 where Muslims constitute about 10 percent of the almost 120 million population \u2014 launched its Halal Industry Development Strategic Plan to tap into the global halal market, which is estimated to be worth more than $7 trillion.<\/p>\n\n\n\n
The plan aims to double the industry\u2019s output in the next four years, create 120,000 new jobs and attract $4 billion in investments by 2028.<\/p>\n","protected":false},"excerpt":{"rendered":"
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