MECO moves to boost Taiwanese investments in RP

MANILA, Nov. 5 (PNA) -- The Manila Economic and Cultural Office (MECO) in Taipei hopes to generate some $ 121 million in fresh Taiwanese investments in the Philippines’ manufacturing and construction, agri-business, and energy sectors.

MECO Resident Representative Antonio I. Basilio said the prospective areas of new Taiwanese investment range from the micro sector, including food cooperatives, to the country’s freeport and special economic zones.

For instance, the Philippine Freeport zones of Clark and Subic are eyeing US$ 24 million worth of Taiwanese investments in the fields of aluminum coil, piping, and stainless steel and light manufacturing.

Taiwanese businessmen are also looking at prospective ventures in antibiotic capsules and electric blankets manufacture and in construction projects to further build up facilities in Clark and Subic.

MECO is also chasing US$ 97 million worth of investments leads for Northern Mindanao’s growing bio-fuel, solar and wind energy, mari-culture, food processing, auto parts manufacturing, leather production and steel manufacturing sectors.

A Taipei Investments Summit is also being organized by MECO. The event will be attended by representatives of the Cagayan Electric Power and Light Company, the Philippines Congressional Commission on Science and Technology and Engineering and the Taiwan External Trade Council.

“Our trade and investment team will also be heading a Visayas Trade and Investment Mission to Taiwan from November 2 to 7,” Basilio said, while an investment mission to Mindanao, specifically to General Santos and Sarangani, will also be conducted in early December.

Meanwhile, a Food Diagnostics Mission organized by MECO from October 19 to 24 was also expected to benefit six small and medium-sized food cooperatives based in the provinces of Cavite, Cagayan de Oro, Misamis Oriental and Occidental that specialize in coffee, processed fruits, and wines and spirits production, he added.

MECO’s extension offices in Taichung and Kaohsiung also launched missions to attract Taiwanese investments.

The Taichung team, based in central Taiwan, facilitated fact-finding trips of Long Dianne Biotechnology to Palawan for the possible cultivation of red grouper, and Hwa Neng Biotechnology which is exploring the possibility of investing in nurseries for Jatropha curcas – a plant believed to be a significant source of renewable fuel– and castor bean plants.

MECO’s team in the southern port city of Kaohsiung also set the groundwork for a city-to-city sisterhood between Pingtung City and Lucena City, and fortified the relationship between the Kaohsiung County Chamber of Commerce and the Cebu Chamber of Commerce.

Delegations from Lucena and Cebu will fly to Taiwan in November to finalize the agreements.