Home » RP, Kuwait, Brunei In Talks On Halal Investments

RP, Kuwait, Brunei In Talks On Halal Investments

News From : DagangHalal.com (09 Apr 2009)

Philippine officials have talked to representatives of Kuwait and Brunei for possible investments in the halal sector, particularly in Mindanao.

The Department of Agriculture (DA) said the Philippine government presented Kuwait and Brunei with two possible investment opportunities in southern Philippines-the Halal Economic Zone in Davao City and the Halal Model Poultry Farm in Cagayan de Oro City, with combined investment value of P3.04 billion

“Our exporters will be pleased to hear that initial talks have already been held with Kuwait and Brunei on possible investment opportunities in [the halal sector],” Agriculture Undersecretary Jesus Emmanuel Paras said in a statement.

Halal is a widely used term that pertains to food that is permissible according to Islamic law.

Earlier, the DA said the proposed Halal Economic Zone, which will cost at least P2.2 billion to set up, will serve as the “centerpiece” of the halal investment portfolio Manila wants overseas investors to consider.

Paras said the economic zone could boost the country’s export earnings by at least $200 million a year and generate 24,000 new jobs.

The DA also wants investors to look into the Halal Model Poultry Farm, which will cost P840 million.

Apart from Kuwait and Brunei, Paras said the government is also offering the investment opportunities in halal to other investors in the Middle East, Europe, Asia-Pacific and the United States.

The DA said Mindanao was chosen as the site for the proposed projects as the area remains free from the avian-influenza virus and the  foot-and-mouth disease. Mindanao also has a reliable supply of feed ingredients like corn, copra meal and fishmeal.

With the world’s halal food market valued at $500 billion, the Philippines could earn at least $5 billion a year by tapping just 1 percent of this lucrative trade through exports, said Paras.

Copyright 2005 – 2009 Business Mirror


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