Sunday, January 17, 2010

Commodities to drive investments growth

Commodities-driven investments from China, Korea and the Middle East countries are going to fuel a conservative 10 percent investments growth in the country this year, the Board of Investments said.
Trade and Industry Undersecretary and BoI Managing Head Elmer C. Hernandez said that huge commodities (metals and agriculture) projects are expected to come in the first semester this year.
“Investments are coming in 2010. What I am aware of is 60 percent of those that we talked to in the Middle East are coming in with business delegation to look closely into their investment plans here,” Hernandez said.
Hernandez, who went to the Middle East countries late last year to promote investments, is working on a program for the upcoming visit of Middle East businessmen.
According to Hernandez, the investment promotions the BoI conducted in July last year in China and Korea are just starting to bear fruit. The Korean private sector led by the ASEAN Korean Center has recently sent a 15-man delegation with interest in various sectors from mining, manufacturing, IT, and construction.
The Chinese just paid a visit with a delegation from the Hangzhou Wahaha Group Co. Ltd., the leading beverage producer in China, which has keen interest in establishing an integrated fruit juice processing plant in the country for the Chinese market.
Wahaha has roughly 70 subsidiary companies and 40 manufacturing centers scattered throughout China. Wahaha employs about 20,000 workers. It is headquartered in Hangzhou, Zhejiang province.
“Both the Chinese and Korean groups are doing due diligence work,” Hernandez said.
Source: Manila Bulletin