Chinese Economic Envoy Explores Investment Prospects in the Davao Region for Seaweeds, Vegetables and Equipment Manufacturing
The Economic Consul of China was in the Davao Region this week to explore possible investment opportunities that will lead to potential business partnerships between the local businessmen and Chinese investors.
Cai Yong, Economic and Trade Consul of the Consulate-General of the People’s Republic of China in Cebu, arrived last Wednesday together with Consular Attaché Wenwen Pang to look at potential business opportunities in the Davao Region.
During a briefing conducted by NEDA XI, DTI XI, the Board of Investment (BOI) XI and the Davao City Investment Promotion Center (DCIPC) on November 4, 2009, the Chinese diplomats manifested interest in exploring agri-business potentials in seaweeds and vegetables. They also expressed interest in exploring partnership in the area of cold chain development and equipment manufacturing.
The Consul was given a snapshot of the Davao Region and its development prospects through a presentation made by Mr. Miguel Herrera III of NEDA XI. Briefing on investment potentials for the Davao Region was given by DTI XI Regional Director Marizon S. Loreto and Atty. Lucky Siegfried Balleque, Manager of DTI XI’s National Economic Research and Business Assistance Center (NERBAC). BOI XI Chief Gil Dureza also gave an overview of the investment incentives offered by the national government under the Investment Priorities Plan (IPP). Mr. Roberto Teo of the DCIPC, who earlier welcomed the Chinese Diplomats, did the briefing on the investment opportunities for Davao City.
The Chinese diplomats also went to Panabo City and Tagum City yesterday where they met with local government officials, as well as members of the business community. Potential business partnerships for the export of seaweeds and fresh fruits, including banana, are some of the areas being explored by the Chinese in Davao del Norte.
Today, Consul Cai Yong and Consular Attaché Wenwen Pang are set to meet with NEDA XI Regional Director Maria Lourdes D. Lim where they are expected to discuss opportunities that will strengthen the bilateral partnership between China and the Philippines geared at pushing for the development of the Davao Region. Earlier, Director Lim said that the Davao Region has been focusing its sights on China, not only in the areas of business and investment, but also in terms of development financing of major infrastructure projects in the Davao Region and the rest of Mindanao.
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