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PIA Press Release

17 US investors in Davao for trade mission

By Mai Gevera

Davao City (29 October) -- Seventeen investors from the United States are in this city for a two-day US-Philippines Agribusiness Trade and Investors Mission held at the Marco Polo Davao Hotel yesterday (October 28).

United States Department of Agriculture (USDA) deputy administrator Patricia Sheikh said that there are plenty of opportunities that the Philippines could benefit from especially on the field of agribusiness sector.

"We've seen that Philippines is a gateway of Southeast Asia. And so we make use of the existing strong ties between the two countries to tap more potentials," Sheikh said.

The USDA, in partnership with the Philippine Department of Agriculture, it brought in interested businessmen to the Philippines and see for themselves potential investment portfolios on agribusiness.

The investors identified specific areas that they intend to invest in. These are biofuel crop production, feedmill processing facilities, coffee production supply, mariculture and others.

Marriz Agbon, President of PADDC, reported about 50 Davao-based companies which attended the activity and joined the business matching held in the afternoon, that same day.

He announced that the two-day trade mission that the same group conducted earlier in Manila was a success since there had been $330 million investment potentials identified in that activity.

"We expect that the same result will come out in our trade mission here in Davao. Our objective is to really translate the matching into actual investments," he said.

Agbon also disclosed some business partnerships between Saudi Arabia and the Philippines are soon to start as a result of the trade mission of some investors from Saudi Arabia who visited the country last July. (PIA XI) [top]

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