Thai agri group CP Foods commits to PHL expansion
THAI agri-business conglomerate Charoen Pokphand Foods (CP Foods) Public Co., Ltd. has committed to expand its business in the Philippines, with plans to invest $500 million within a year, Trade Secretary Ramon M. Lopez said.
The commitment was made during President Rodrigo R. Duterte’s meeting with Thai business groups when he visited Bangkok on Wednesday,
“One Thai company committed to expand with $500 million in one year as part of a $2 billion investment plan in five years,” Mr. Lopez told BusinessWorld in a text message.
He was asked if Thai businesses made any commitments during the “Invest Philippines CEO Roundtable” organized by the Department of Trade and Industry, held on March 22 in the Mandarin Oriental, Bangkok. This was attended by Mr. Duterte, with key cabinet off icials.
Asked which company had made such commitment, he identified CP Foods.
CP Foods officials met with Mr. Duterte on Wednesday. The group operates in the Philippines as Charoen Pokphand Foods Philippines Corp.
Senator Alan Peter S. Cayetano, chair of the Senate Committee on Foreign Affairs and part of Mr. Duterte’s delegation to Thailand, in a phone interview said CP Foods invited Philippine officials to look at their operations in Russia and China, where they achieve high yields and have arranged to have their partner farmers own their farms within 10 years.
“That’s what makes that company unique, and why they were granted an audience with Mr. Duterte,” Mr. Cayetano said.
The President returned from his four-day visit to Myanmar and Thailand yesterday morning.
Speaking to reporters at the Ninoy Aquino International Airport, Mr. Duterte said that CP Group officials will focus their expansion in the Visayas and Mindanao region.
“I also met with Charoen Pokphand (CP) Group officials which committed $2 billion dollars in investment expansion in five years,” Mr. Duterte said. “They are already here. This will largely focus in the Visayas and Mindanao region.”
“With the leaders of Federation of Thai Industries, Thai Chamber of Commerce, Thai Bankers’ Association, Thai-Philippines Business Council, and Philippines-Thai Business Association, I sought more investments for our country,” he added.
During his official visit to Myanmar from March 19 to 20, Mr. Duterte signed with President U Htin Kyaw a Memorandum of Understanding on Food Security and Agriculture.
During his off icial visit to Thailand from March 20 to 22, Mr. Duterte signed three agreements: the Agreement in the Field of Science and Technology, Implementing Agreement on Specific Areas of Cooperation on Swamp and Dairy Buffalo Production, and the Implementing Program on Tourism Cooperation in 20172022.
In his roundtable with Thai business groups on Wednesday night, Mr. Duterte noted the infrastructure and agricultural sectors as investment areas.
“If you want to do business and earn money, the Philippines is one of the places that you should consider. The most important thing is infrastructure, you may want to take a look at it, and the agriculture sector, especially the manufacturing of agricultural products,” Mr. Duterte said.
He reiterated that he would not tolerate delays and corruption in his government, and that he would be open to discuss the concerns of Thai businesses operating in the Philippines.