PIA Press Release | 2009/05/21
Davao City (21 May) -- A 23-member delegation composed of government and private sector representatives from the Kingdom of Saudi Arabia (KSA) headed by its Minister of Agriculture was recently on a mission here to explore investment opportunities in agriculture.
Local businessmen also met with the KSA private sector delegates during a business matching session and submitted proposals on banana plantation and processing, livestock and poultry, pineapple production, cattle raising, grain production and pangasius fish production.
"This creates an opportunity for both countries to benefit from its comparative advantages," Dr. Fahad A. Bal Ghunaim, KSA Minister of Agriculture, said.
He also said that they are excited of the opportunities in the country and hoped to "enjoy the fruits of our cooperation."
The KSA delegation was accompanied by Agriculture Secretary Arthur Yap as they also visited banana processing plants and plantations in Davao del Norte as well as the Panabo City Mariculture Park.
"There is only one place to go to," Yap said, referring to the vast potentials in Mindanao such as its rich soil and abundant agriculture produce.
He also said that the Arab investors are keen on acquiring tracts of land for planting and processing. Yap also mentioned the possibility of setting up a special economic zone (SEZ) in Mindanao for Arab investors.
Atty. Ishak Mastura, Chairman of the Regional Economic Authority who presented the investment prospects in the Autonomous Region in Muslim Mindanao (ARMM) such as seaweeds, coconut, rubber and cassava said that Arab investors have poured investments in other areas in the world where there is conflict.
Yap, on one hand, said that the Arab investors are more concerned of the security of their investments rather than the conflict in Mindanao. He said that they just need to be convinced with pouring in more investments as they have the financing ability.
"This visit from the Arabian Ministry of Agriculture and particularly their private sector counterparts is an opportunity for us to open up markets for Mindanao's vast and abundant agricultural produce," said Undersecretary Virgilio Leyretana, MEDCo Chair.
"We hope that this will strengthen the cooperation between the two countries and initiate trade and investment activities," he said.
The said agricultural and investment mission was organized by the Mindanao Business Council and the Department of Agriculture XI.
