The announcement of the Philippines and Israel’s intention to pursue free trade agreement (FTA) talks is certain to bring in more Israeli investments into the country.

Visiting Israel Minister of Economy and Industry Nir Barkat said the Philippines and Israel “actually are starting the process” to initiate negotiations on a free trade deal.

“Usually, it takes few years to sign an FTA. By defining that we will, many investors will start collaborating now,” he told reporters on the sidelines of a reception in Taguig City on Tuesday night.

“When investors see that in a year, two years, at some point in time, there’s going to be an FTA, they (start) to invest already. The impact of announcing that we will be doing a deal together is quite immediate.”

Barkat said Israeli firms are eager to expand businesses on a number of areas, specifically agricultural technology and food technology in the Philippines.

Israel, he said, is also intent on growing its already robust trade with the country.

“My goal is to have 10 times more trade in 15 to 20 years with all countries, including the Philippines. In order to scale to such volumes of trade, we need to put foundation for long term infrastructure, and that’s what we’re doing in this visit,” he told the Philippine News Agency in a separate interview.

Barkat said he sees the Philippines as a partner that could aptly “complement” Israel both by scale and scope.

In his 4th State of the Nation Address on Monday, President Ferdinand R. Marcos Jr. said the Philippines is ready to receive local and foreign investors, especially on agriculture.

Barkat is in Manila, together with a business mission, to increase economic exchanges between the two countries.

He is in the Philippines from July 28 to 30 and has met with Filipino stakeholders and officials, including Trade Secretary Cristina Roque. (PNA)