A high-level delegation from Saudi Arabia, led by Agricultural Minister Fahad Balghunaim, is visiting Manila this month to explore possible investments in the Philippines’ farm sector.
The Agriculture Department has created an organizing committee headed by Undersecretary Berna Romulo Puyat and Philippine Agricultural Development and Commercial Corp. president Marriz Agbon to prepare for the visiting delegation.
The Saudi investment team, comprising of 25 to 28 representatives from the government and private sectors, is scheduled to arrive on May 5 to 10.
Puyat said that the delegation would participate in the Philippine-Saudi Arabia Business Forum and Business Matching on May 6.
The delegation will also visit Bohol to explore possible investments in rice and oil palm farms.
Puyat has urged the delegation to visit the cities of Davao and General Santos to look into investments in rice, banana, mariculture parks, commercial fisheries and fish processing and Bukidnon for possible ventures in the rice, banana, corn, pineapple, livestock, poultry and oil palm.
Manila and Riyadh, during President Gloria Macapagal Arroyo’s state visit in February to Saudi Arabia, discussed a proposal for Saudi to invest in food production in the southern Philippines.
Saudi Arabia is the leading trading partner of the Philippines in the Middle East.
Total two-way volume of trade in 2007 grew to $3.6 billion from $1.19 billion in 2003.
The balance of trade has favored Saudi Arabia because of Philippines’ large crude oil imports.
The Philippines buys 60 percent of its total petroleum needs from Saudi Arabia.
Philippine exports have steadily increased from $39.3 million in 2003 to $66.69 million in 2007.
Top Philippine export products to the Saudi market include food and food preparations, marine products, agri-products cosmetics and healthcare products. –Othel V. Campos, Manila Standard Today
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