Encouraged by the Philippines’ stable economy and the excellent reputation of Filipino workers, Middle East countries are expected to pour in billions of dollars in investments in the country starting next year in the area of oil refinery integrated with a petrochemical complex, food production and processing, steel, and construction sectors.

This was bared by Trade and Industry Undersecretary and Board of Investments managing head Elmer C. Hernandez after conducting a “very successful” two-week trade and investment mission to five Middle East countries including Qatar, Kingdom of Saudi Arabia, United Arab Emirates, Syria, and Kuwait.

Hernandez’s mission was a follow through to the previous state visits of President Gloria Arroyo to these countries where she got firmed investment commitments from these countries.

“What surprises me was that most of these countries thought we are just a mere exporter of world class workers,” Hernandez said.

Saudi Arabia, United Arab Emirates, Kuwait, and Qatar employ several engineers and Filipino professionals for their various infrastructure and commercial facilities while Syria employs mostly domestic workers.

During the trip, Hernandez was able to meet various government officials from the trade and investment agencies and top guns from the various chambers of commerce in those five countries.

According to Hernandez, the excellent reputation of the overseas Filipino workers in those countries preceded him in all of his official meetings.

“The dedication and professional services of the Filipinos is a plus factor in bringing in investments into the Philippines,” he said.

The Middle East officials were also impressed when they learned that the Philippines is among the only three countries in Asia, the two others being China and India, that is expected to post positive gross domestic product this year and one of the few countries identified by analysts as worth putting their money into, Hernandez said.

One of the major investments is from a Kuwaiti-owned firm, which informed him of its plan to put up an oil refinery in the country with an integrated petrochemical complex.

Hernandez was able to confirm this huge investment when he met the officials of another company, which has already signed a contract to build the planned refinery in the Philippines.

Hernandez has refused to divulge the identity of the company but said this involves billion dollar investments.

Qatari businessmen are also serious in forging joint venture agreements with Filipino firms in the area of agriculture, food production and processing, trading and steel production.

A contingent from Qatar is visiting on February 13-15 next year to discuss the agreement on the Promotion of Reciprocal Protection of the Investment and the finalization of the $1 billion RP-Qatar Joint Investment fund.

In Saudi Arabia, Hernandez met with officials of the SAGIA (Saudi Arabian General Investments Authority), the counterpart of the BOI here.

“SAGIA’s role is critical because as an investment agency it provides certainty for Saudi investors,” he said.