28/04/2009
The Saudi Gazette reported yesterday that Saudi Arabia’s desire to establish overseas joint ventures in food production has received a positive response from a visiting Philippine trade delegation. The delegation, promoting halal Filipino food products, made the assurance during a meeting with the delegation of the Asharqia Chamber of Commerce in the Eastern Province. “We welcome the establishment of joint ventures in food production with the Kingdom,” said Dr. Thomas G. Aquino, Senior Deputy Minister, Philippines Ministry of Trade & Industry, the head of the delegation.
A top-level Saudi agricultural mission headed by Fahd Bin Abdulrahman Bin Suleiman Balghunaim, Saudi Minister of Agriculture, will visit the Philippines, particularly Mindanao, in the first week of May to discuss collaboration and partnership in establishing joint venture projects in agricultural production. The delegation will be composed of the biggest Saudi investors who are very keen in setting up long-term agricultural ventures in the Philippines for the production of rice and other staple products.
Adnan A. Al-Nueim, Secretary General of Asharqia Chamber, told the delegation to consider cooperation in food processing in the Kingdom. “I hope that members of your delegation will reap benefits of the on-going trade and investment opportunities in Saudi Arabia generated after the liberalization of its foreign investment regulations by setting up joint ventures in food productions here,” he said.
Philippines bananas are among the popular exports to the Kingdom, amounting to SR270 million in 2007. The founding of the National Halal Accreditation Board of the Philippines is another step in expanding exports of food items to the Kingdom and other Gulf and Middle Eastern countries, according to Aleem Walid Abubakar, chairman of the board.He said the board supports the Philippine government in its thrusts to develop and promote the halal food industry. “We are very keen on strengthening our global cooperation to promote the credibility of Philippine halal certified products,” Abubakar said.
Bi-lateral trade between the Kingdom and the Philippines has gone up significantly in recent years. In 2007, bilateral trade rose to SR13 billion, as compared to SR11.1 billion in the previous year. During the period, Saudi imports from the Philippines accounted for around SR0.5 billion, while Saudi export totaled SR12.5 billion.
