The Philippines' department of foreign affairs (DFA) said on Tuesday that Iran is investing at least 100 million US dollars in the Philippine petrochemical sector, showing flourishing ties between Manila and Tehran.

"Both sides characterized bilateral relations as excellent, with no contentious issues between them," the DFA said in a statement, referring to the Philippine delegation headed by foreign undersecretary Franklin Ebdalin visiting Iran this month.

While total bilateral trade reached more than 800 million US dollars in 2004, the Philippine delegation noted that this was due to Iran's oil exports to the Philippines. The Philippines' petrochemical sector is attracting at least 100 million US dollars investment from Iran, the statement said.

In their meeting on Dec. 13, the Philippines stressed the importance of enhancement of economic ties between the two countries. Philippine officials also urged Iran to consider investing in other sectors such as shipbuilding and repair.

Iran, the second largest oil producer of OPEC, ranked third as Philippine trading partner in the Middle East.

Source: Xinhua