Philippines and Syrian governments have signed six agreements to enhance and expand bilateral economic relations ranging from cooperation in tourism, IT, real estate, and micro, small and medium enterprises.

Trade and Industry Secretary Peter B. Favila and Syrian Deputy Prime Minister for Economic Affairs Abdullah Dardari led the bilateral negotiations held in Malacañang recently.

There were four government-to-government Memoranda of Understanding (MOU) and two bilateral agreements signed during the meeting. The signing of the various agreements was done in Malacañang and witnessed by no less than the Philippine President, H.E. Gloria Macapagal Arroyo. DFA Secretary Alberto G. Romulo and Press Secretary Cerge Remonde of the Office of the President were with President GMA at the signing ceremony.

Favila said that economic cooperation and cultivating new initiatives topped the agenda of the bilateral meeting.

The bilateral agreement on the Promotion and Protection of Investments is geared towards creating and maintaining conducive environment and favorable conditions for two-way flow of investments.

The agreement on trade and economic cooperation establishes the framework to develop and promote bilateral trade and to collaborate on initiatives in accordance with development needs and cognizant of mutual benefits.

The MOU on Tourism, signed by DoT Secretary Joseph Ace Durano and Syrian Deputy Prime Minister Dardari, provides for the development of tourism and as avenue for exchange and sharing of culture and history.

The MOU on One-Town-One-Product (OTOP) Promotion and MSME development adopts the OTOP business model to flourish trade and industry in the MSME sector.

OTOP is a Philippine government’s priority project that aims to promote local entrepreneurship and job creation by highlighting the diversity and distinctiveness of every municipality through the development and promotion of a handcrafted product or services, which the MSMEs produce or render with competitive advantage.

While the MOU on IT serves as an anchor for information and technological competency-sharing between the Philippines and Syria, the MOU in the field of housing and construction seeks to promote cooperation on regional planning, engineering and consulting, tendering and bidding, and contracting.

Philippine and Syrian officials put themselves to task by negotiating and concluding bilateral agreements that will broaden trade, investment and economic relations. Assessment of bilateral economic relations and the review of the action plan drawn up during the inaugural meeting also figured out prominently in the discussions.

From the private sector side, it is worthy to note that the International Container Terminal Services, Inc. (ICTSI), established in the Philippines in 1987, entered into a ten-year Investment Agreement with Syria’s Tartous Port General Co. to operate in Syria with an option to extend it for five more years.

In 2008, Syrian Arab Republic ranked as the Philippines 120th overall trading partner, 130th as export market and 138th as import supplier.

For the same period, Syria was the country’s 13th trading partner and occupied the 12th slot both as an export market and import supplier in the Middle East region. Philippines top exports to Syria consist of bleached, refined and deodorized oil, coconut (copra), pineapples, and woven, knitted and crocheted fabrics as well as powdered milk and cream. Major imports from Syria consisted mainly of articles of iron and steel.

From January to July 2009, Syria ranked as the Philippines 116th trading partner, 107th as export market and 117th as import supplier.