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Wednesday, May 31, 2006
Oro economic prospects bright after mission
By Danilo V. Adorador III
CAGAYAN de Oro's two-nation trade mission has a bright prospect of engendering more investments and creating a positive investment climate for the city and surrounding localities, a business leader said Tuesday.
Already, investors from India are expressing desires to establish outsourcing and pharmaceutical centers in the city, said Cagayan de Oro Chamber of Commerce and Industry (Oro Chamber) president Ruben Vegafria.
"We are buoyed with the results of the whole trade mission. It was worth the time and effort," Vegafria said of the two-week India-Germany business trips, adding the promised investments are hoped to create more economic opportunities for Cagayan de Oro and the rest of Northern Mindanao.
Technology transfer on biodiesel and other fuel-saving technologies are among the juiciest commitments they had secured in India, he said.
A tech firm in India is also looking to put up an animation company, he said, which is expected to tap the rich pool of IT graduates in the region.
In Germany, firms interested in wind and solar power developments also expressed interest to put up a base here, the Oro Chamber head said. Trade negotiations between the city's delegation and prospective investors to kick off the project are being pursued, he added.
He said these potential investments are crucial to Mindanao in meeting its power demand, amid the reported looming power crisis in the island in years ahead.
On December, he said representatives from the Indian Federation of Commerce and Industry attending the APEC Summit in Cebu will arrive in the city for a business matching.
A memorandum of understanding on trade and commerce was to be inked between the two business groups.
Aside from potential investments, Vegafria said the city's trade missions have established Cagayan de Oro's international presence as a viable investment destination.
"Our trade missions are putting the city in the international map, and that's a long-term investment on our part."
(May 31, 2006 issue)
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