As a follow up to the meeting in the third quarter of 2014, Officials of the Mindanao Development Authority (MinDA) and Philippine Trade & Investment Centre-Kuala Lumpur (PTIC-KL) recently met with representatives of palm oil industry player Felda Global Venture Holdings (FGV) of Malaysia. FGV aims to become a global agribusiness player hence the expansion of its interests within the region.
To further promote bilateral commercial trade between the Philippines and Malaysia, PTIC-KL Commercial Counsellor Glenn Peñaranda likewise had a meeting with Malaysia External Trade Development Corporation (MATRADE) to explore collaborations in the construction, transport, logistics, machinery, aerospace and shipping industries as well as product trading between Sabah and Mindanao. He also met with various Malaysian companies from a wide range of sectors to discuss opportunities for Malaysian companies to invest and grow their businesses in the Philippines. Participation of the Philippines to the April 2015 Malaysia International Halal Summit and Exhibition (MIHAS) was also brought up in one of the engagements.
Currently, Malaysia is the Philippines’ 10th trading partner out of 216 countries with total bilateral trade reaching US$3.6 billion. It is also the country’s 11th export market out of 212 countries and 11th import source out of 181 countries. Prospects of increased trade between the Philippines and Malaysia are promising due to the growth in trade activities within the ASEAN region. Together with the Philippine Embassy in Kuala Lumpur, MinDA and the Federation of Malaysian Manufacturers, PTIC-KL will be organizing business missions to the Philippines throughout 2015.
(From left) PTIC-KL Commercial Counsellor Glenn Peñaranda, MinDA Director Romeo Montenegro, MinDA’s Mr. Sylvester Sale, and (right) FGV VP Mr. Soh Kim Yaw discuss opportunities for refineries and rubber processing in Mindanao.