Davao City company inks fruit export deal with Singapore firm
DAVAO CITY—A fruit exporter here entered into a trading agreement with a Singaporean fruit wholesaler in the first positive results of the investment mission mounted by businessmen here.
The Mindanao Development Authority (MINDA) said Avante Agriproducts will supply fresh and processed commodities to Bananah & Co. PTE. LTD, a wholesale seller of fruits and vegetables.
Initial products ready for delivery soon are fresh pineapples and papaya, but the agreement indicated that shipping would later include other fruits such as fresh bananas, durian, calamansi concentrate, and banana chips.
A minimum of one 40-footer container per week for both banana and papaya would be arriving in Singapore within two weeks from the signing based on the agreement, said MINDA, which initiated and formed the investment and trade mission to this island state.
Lalaine Lam, chief executive officer and general manager of Avante Agri said a weekly price quotation would be prepared for the products prior to the scheduled deliveries.
“Since prices for fruits like papaya and banana can go up a dollar or two, we need to agree on a weekly basis,” Lam said.
The MINDA said the successful signing of the agreement came following earlier online meetings and discussions between businesses in Davao and some cities in Mindanao, with their counterparts in Singapore. MINDA said Bananah &
Co. was already looking for potential partners in Davao City back in April this year.
The agreement was finalized at the sidelines of the Mindanao business mission in Singapore this week.
“We are looking forward to a productive and efficient supply chain with good quality and reasonable prices,” said Jason B.Y. Nah, founder and managing partner of Bananah & Co.
Aside from its successful trading agreement with Bananah & Co., Avante Agri was also looking at more areas for farm development and expansion in Mindanao.
“Investments like these can ensure that their volume and quality requirements are met,” Lam added.
MINDA Secretary Maria Belen S. Acosta said foreign investors should look at value-adding investments as a priority when linking up with their Mindanao counterparts.
“We already have the vast lands and the ideal climate in Mindanao. If we pair it up with the right investments in infrastructure, processing, and renewable energy, we can scale up our trade and economic activities,” Acosta said.
The business mission in Singapore is a four-day event to present Mindanao as an ideal investment destination for top global market hubs such as Singapore. It would be the first physical trade mission abroad from here since the Covid-19 pandemic.
There would be follow-through activities expected to take place in the near future, according to Tan Teck Lee, country head (Thailand, Malaysia, and Philippines) of the Singapore Business Federation, the MINDA said.