Bahrain group to invest $300 million in RP

MANILA, Philippines - Despite the current global economic recession that has hit even the oil-rich Middle East, investors from Saudi Arabia and Bahrain have expressed interest in investing in the Philippines, according to Agriculture Undersecretary Berna Romulo-Puyat.

In an interview with newsmen, Romulo-Puyat disclosed that in fact, a recent Bahraini investment mission agreed to invest in a $300 million banana plantation venture with the AMA Group owned by Gulf Cooperation Countries (GCC) Ambassador Amable R. Aguiluz III.

Bahrain, according to Romulo-Puyat, will undertake a joint venture with the AMA Group to put up a banana plantation in Davao, the produce of which would be exported to the Middle East.

The $300 million Bahraini investment, Puyat-Romulo pointed out, is just the beginning.

A Saudi investment mission, she disclosed, is also set to visit the country in May with a 20-business delegation looking for investments primarily in the agriculture sector.

The Philippines, Romulo- Puyat said, is offering up to 300,000 hectares of upland areas in various parts of the country.

The Saudi investment mission, Romulo-Puyat explained, is the realization of President Arroyo’s State Visit to Saudi Arabia where she urged Saudi investors to invest in the Philippines.

The Middle East has been increasing its purchase of tropical fruits from the Philippines particularly bananas, pineapple and mangoes.

There is also an increasing interest, Romula-Puyat said, in sourcing Basmati rice from the Philippines.

The Philippines, Romula-Puyat said, is actually one of the best producers of the expensive Basmati rice.