00:00We're building on a more innovative set of industries.
00:05Innovation is in the heart, in the DNA of the Filipinos.
00:09We were initially known for, of course, the agriculture products.
00:12There are a lot of agriculture, mineral products.
00:18But at the same time, we're doing now a lot of innovative industries,
00:22even creative industries that are service-oriented,
00:26that are a product of the man, a service of a person.
00:32The creative industry is one area that we're moving into,
00:36and also putting a lot of technology needs over into the AI
00:43and the software development, gaming, and films, and music, and all that.
00:50And this is what we're trying to showcase here,
00:53as well as the innovative Filipinos.
00:56And hopefully with that, we can build, again,
01:00establish the reputation, a good reputation on the Filipinos as a people.
01:06We started to offer that idea of having an FDA.
01:11But normally, before you go into the process,
01:14we would start with some kind of a joint committee on economic and trade cooperation
01:21that will serve as a platform where you can discuss various issues that can lead into an FDA.
01:28So this is where we can talk of cooperation relating to trade, liberalization efforts,
01:35as well as fine-tuning investment rules,
01:40and many things that can assure and give protection also to investors.
01:47So related to this, we've also offered to have some kind of an investment promotion and protection agreement,
01:56which we started when I was here a few, I think, before the pandemic.
02:01And I understand that meetings are being done now.
02:07There will be one again scheduled this December, this year.
02:12So we hope that we can advance this and have a conclusion early next year,
02:18this investment promotion and protection agreement that can improve the, I guess,
02:25the comfort level, confidence of UAE investors in the Philippines.
02:32From our end, we're strong on the food and agriculture side in production,
02:39as well as processing of it, minerals.
02:42We're good on a lot of, like, you know, accessories.
02:46And we've started also some certain industries, of course, on the iron, cement, and many things.
02:55And, of course, the services.
02:58The services would include, aside from the physical services, the Filipino workers being able to do it here and work here,
03:08there are other services that are in the creative.
03:12We're number one or two in the ITBPM, business process management.
03:17We're developing AI, and hopefully we can give this a big push in the FDA.
03:24And, of course, from the UAE, we're one of the biggest buyers of oil, petroleum, and other UAE products.
03:34So we'll definitely have to make it a win-win kind of agreement so that everyone will be happy.
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