Wednesday, October 21, 2009
US agrifirms to explore business opportunities in RP Agri-Commodities industry.
A number of United States-based agribusinesses will arrive in the Philippines together with US Agriculture Secretary Thomas Vilsack on October 26 to explore business opportunities here.
The US Department of Agriculture (USDA) said over 20 agribusiness firms will meet with nearly 200 Philippine companies to develop “additional lines of commerce.”
“The [trade] mission’s goal is to promote trade and investment, particularly in the fisheries, biofuels, processed goods, beverages, meat and poultry, dairy products, agricultural machineries and equipment sectors,” said the USDA in a statement.
US companies are looking for opportunities to form partnerships and joint ventures with Philippine companies.
The USDA said Vilsack and representatives of US firms will be in the country until October 29.
The USDA noted that two-way trade of agricultural products between the Philippines and the US reached almost $3 billion in 2008.
Two-way trade between the Philippines and the US, the USDA noted, is 44 percent higher than the $2 billion registered in 2007. The US is a major market for the Philippines for farm and industrial products.
The US and Japan were the top two destinations for Philippine farm and industrial products in July, according to the National Statistics Office.
By Business Mirror
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