US firms eye investments in Mindanao

DAVAO CITY - Twelve American companies have sent representatives to this city to explore possible investment opportunities in Mindanao.

The US trade mission, led by US Department of Agriculture deputy administrator Patricia Sheikh, arrived here Wednesday and joined an agri-business event organized by the government.

Marriz Agbon, president of the Philippine Agriculture Development and Commercial Corp. of the Department of Agriculture, said that in Mindanao alone, there is an estimated $330-million investment opportunity in coconut, mango, banana and other crops.

“The DA will work closely with the USDA to gain positive results from the trade mission,” he said.

Among the possible investment opportunities offered the US delegation were mariculture, bio-fuels, food production, rubber plantations, palm oil, jathropa, and seaweed production.

Sheikh told reporters the trade mission was the first conducted by the US in Mindanao.

She expressed confidence that the participating US companies will be lured to invest in Mindanao “given its vast potential investment opportunities as presented by the DA at the plenary session.”

Denzil Nicholson, president of Verdant Ocean, Inc., said he was looking at the financing aspect of whatever business deals his company would seal with a local partner.

“I have the technology, but to develop a mariculture project, in terms of finances, where will we get it? That is the question,” he said.

Agbon issued assurances that financing will not be a problem for business tie-ups because both the DA and the USDA “are there to help the private companies to access funds from financial institutions.”

Aside from Verdant Ocean, the other US companies represented in the delation are American Trading Services, LLC, based in California; Eco Vative Resources, an export company; Hima Corporation; Garuda International; Intervision Foods; Novick Industries Ltd.; RAPAT Corp.; Valmont Industries, Inc.; The Alan Group, a bio-fuel producer; Agri-Ima GIS Techology; and US Fed Group.

Alex St. James, vice president of Overseas Market Development of the US Fed Group, said the US trade and investment mission to the Philippines proved the commitment of President Barack Obama to broaden the economic ties between the two countries.

“It is a good idea because the Philippines is a strategic place. It echoes the commitment of President Obama to establish links between Philippine investors and US investors,” St. James said.

Darek Musierowicz, managing director of Intervision Foods, said a joint venture with a Filipino company would not only give his firm a good base in Asia for its planned export to Japan but also help create job opportunities for locals.

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