Speaker Ferdinand Martin G. Romualdez on Tuesday (Switzerland time) met with leading sovereign fund managers and top government leaders on the second day of the 2024 Annual Meeting of the World Economic Fund in Davos, opening avenues for mutually beneficial collaboration.
Romualdez spearheads the Philippine delegation to the 2024 WEF annual meet with the principal aim of attracting more foreign investments, particularly through the Maharlika Investment Fund, to fuel economic growth and create more jobs for Filipinos.
“These high-level engagements with international business leaders and policymakers in this years’ WEF annual meeting are invaluable as they provide us with opportunities to explore avenues for partnerships, collaborations, and investment opportunities to unleash the potential of the Maharlika Investment Fund for the benefit of the nation and our people,” Romualdez said.
Among the prominent figures Romualdez met on the sidelines of the WEF annual meet is Israfil Mamadov, Chief Executive Officer at the State Oil Fund of the Republic of Azerbaijan (SOFAZ).
As of March 31, 2023 SOFAZ reported that its assets amount to US$53.4 billion.
SOFAZ received the 2007 United Nations Public Service Award for Improving Transparency, Accountability, and Responsiveness in Public Service.
The Speaker also had a cordial meeting with Lim Boon Heng, chairman of Singapore state investment firm Temasek Holdings Limited.
Founded in 1974, Temasek Holdings operates 11 offices worldwide. Its corporate arm is focused on investments and its portfolio. As of 2023, Temasek has a net portfolio of US$287 billion as of 2023, with S$27 billion divested and S$31 billion invested during the year.
“The exchange of ideas, best practices and insights on the management, investment policies and insights on sovereign wealth fund could prove invaluable in helping realize the vision of President Ferdinand R. Marcos, Jr. for the MIF as a catalyst for our nation’s growth and development,” Romualdez said.
The MIF was introduced by President Marcos to the international community during the Fund’s soft launch at the 2023 WEF annual meeting.
Similarly, Romualdez met with his Swiss counterpart, Eric Nussbaumer, President of the National Council (Parliament) of Switzerland to further strengthen the ties between the two countries and discuss possible areas of enhanced partnership.
Among the possible areas of enhanced bilateral cooperation seen between the Philippines and Switzerland is in the energy sector, owing to Nussbaumer’s extensive experience in this field.
Romualdez noted that the Philippines, under Mr. Marcos, is firmly committed to pursuing an ambitious energy transition by harnessing the country’s renewable endowments, such as geothermal, hydroelectric, solar, and wind power, and exploring the potential of nuclear energy.
The Speaker also met with Vietnam Prime Minister Pham Minh Chinh, whom Romualdez earlier met when he accompanied President Marcos for a bilateral meeting with the Vietnamese leader on the sidelines of the 43rd ASEAN Summit in Indonesia last September.
President Marcos is scheduled to travel to Vietnam by the end of January for a state visit in which he is expected to formally sign a rice supply deal.
Romualdez said these kinds of engagements show that the WEF is an excellent platform to engage with policymakers to promote cooperation but also to discuss global issues and contribute to policy debates to shape policies that address shared challenges and promote global cooperation.