RP, Bahrain sign $300-m farm investment package
Manila Standard | 30 March 2009
By Othel V. Campos
The Philippines has signed a $300-million investment agreement with Bahrain to establish agro-fishery businesses in the country.
“Bahrain is already here. They are looking for lands to plant bananas and other cash crops. They are also keen on fisheries,” said Agriculture Undersecretary Bernadette Romulo Puyat.
Bahrain has committed to invest in crop technology, vegetable and fruit preservation, post-harvest facilities, livestock and fisheries and organic agriculture.
The Philippines and Bahrain agreed to an exchange of technologies in agriculture and fisheries and technical experts and trainees as well.
The two countries will conduct studies related to areas of mutual interest training workshops and promotional and facilitation activities, including agricultural products, trade fairs and special exhibitions.
The Philippines and Bahrain will also develop the food and commercial sectors and food industries, technology transfer and innovation and activities related to trading in agricultural products.
A joint committee will meet twice a year to monitor the development of specific projects included in the agreement.
Meanwhile, a trade mission from the Kingdom of Saudi Arabia is expected to arrive on May 9.
“We’re very bullish about Saudi. Although they have not yet disclosed how much they are committed to invest, Ambassador Wali Manawar of Saudi said they are willing to invest in whatever we will hand to them,” said Puyat.
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