DAVAO CITY – Business delegations from Singapore and Malaysia, two of the country’s major trading partners, are expected to visit Davao to scout for possible ventures within the city and other parts of Mindanao.
President, Davao City Chamber of Commerce and Industry Inc.
These trade missions come after a Mindanao group, led by Davao City Chamber of Commerce and Industry Inc. President Arturo M. Milan, recently completed a three-day visit to the two countries to pitch investment prospects.
Among the first to arrive are officials from five Malaysian companies to evaluate investment leads. Mr. Milan said that the Mindanao business sector is positive that increased trade and investment activity with Malaysia will help sustain the direct air link between Davao City and Kuala Lumpur.
On another note, Mr. Milan said that the Singapore delegation is interested in sourcing fresh fruit from Mindanao, among others. Davao currently exports bananas and durian to Singapore. The country was the Philippines’ top trading partner within the Association of Southeast Asian Nations (ASEAN) and is sixth overall with a total trade value of $5.18 billion, according to the first half report of the Philippine Statistics Authority. Exports to Singapore stood at $2.16 billion while imports were valued at $3.02 billion.
Malaysia, meanwhile was fourth among ASEAN members and 10thoverall with a total trade value of $2.73 billion. Exports were valued at $ 881 million and imports at $1.85 billion.
With reports from: Carmelito Q. Francisco, Business World
Photos: Business World, insights.looloo.com
