Duterte's historic visit to Israel nets $82.9 million in business deals

Duterte's historic visit to Israel nets $82.9 million in business deals

Amidst all the noise created by politics here in the country, President Rodrigo Roa Duterte is bringing home some good news.

The Filipino contingent that came with President Duterte and Israeli businesses closed 21 deals worth $82.9 million that could easily generate 790 jobs.

All of this was done during President Duterte’s historic visit to Israel, firms form both made several pacts as the President made assurances that his administration will provide a conducive business climate to potential investors in the country.

Between Filipino and Israeli businessmen 3 memoranda of agreements were signed, 11 memoranda of understanding, and 7 letters of intent were also signed in Jerusalem.
President Rodrigo Duterte and Israeli Prime Minister Benjamin Netanyahu witness historic signing of agreements following the successful bilateral meeting between the two leaders (photo credit Malacanang Photo)

Duterte during his speaking engagement with business leaders in Jerusalem vowed to provide a conducive business climate to foreign firms.

“I know that you are for the return of your investments and if you do not dream of profits, then do not go into business. And that I said they are making profits,” he said.

“I will husband it --- your project --- whatever it is. There will be no corruption. There will be no harassments, no nothing. It's an ordinary day-to-day government business that you have to follow. And if you can do that and if you go there, tell me.”

The three signed agreement are as follows:

  • Century Properties Inc. and Globe Invest Ltd. 

- Collaboration to enter into a Joint Venture Agreement for advanced energy optimization management, advanced agriculture and urban farming, prefabricated housing, water desalination, and other master-planned real estate development projects

  • Stone of David Corporation and Gaia Automative Industries 

- Cooperation on the marketing and promotion of tactical vehicles, including technology transfer

  •  Stone of David Corporation and MCTECH RF Technologies Ltd. 

- Cooperation on the development of military and intelligence products and hardware

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Report from ABS CBN

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