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Saturday, October 23, 2004
Japanese firm pours in P2.1B investment on banana company
SECRETARY Jesus Dureza, Mindanao Economic Development Council (Medco) head, welcomed the fresh investment of Japan's Sumifru Corp. with AJMR Group, a Davao-based agricultural firm engaged in banana growing and exports headed by entrepreneur Alberto M. Soriano.
Dureza said the P2.1-billion investment package will easily translate to at least 3,500 new jobs as direct beneficiaries.
"Going by the experience in the banana industry, the expansion of new plantations will encourage the growth of small but income-generating barangay-type of enterprises," he said. "Presently, we have monitored a lively economic activity in T'boli, South Cotabato where AJMR's Upland Banana Corp. has started to cultivate idle lands and abandoned pineapple plantations. From what we gathered, the Soriano firm has already employed almost 500 workers," Dureza said.
He said the Sumifru's interests in Mindanao only underscores the confidence of foreign capitalists in the investment climate and the much improved peace and order condition in the region.
He also said that Soriano is among the pioneers in the industry and a hands-on entrepreneur who survived the vagaries of the martial law regime.
"If he earned the confidence of the Japanese investors, it's because he deserves it," Dureza said.
Prior to Sumifru's entry, AJMR has concluded Banana Production and Purchase Agreements with Carp beneficiaries and acquired similar agreements which other banana firms assigned and transferred to AJMR.
These, in addition to the original Soriano farms, increased the plantation area of AJMR to about 6,000 hectares making it the third biggest banana producer in the country but still the number one supplier in Japan which is the primary export market of Philippine bananas.
(October 23, 2004 issue)
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