FIVE Malaysian companies are looking at the Autonomous Region for Muslim Mindanao (ARMM) where they can pour in investments for oil palm plantations.
Har Man Ahmad, senior manager Malaysia Trade (Matrade), in a press briefing recently at the Park Inn by Radission Davao, said each company will need at least 5,000 hectares for the oil palm plantation if the plan pushes through.
The official also estimated around 2,000 to 3,000 jobs to be generated per 5,000 hectares, as oil palm plantation is a labor-intensive investment.
He did not disclose how much these companies will pour out, but added these are significant amount of investments.
"The discussion is ongoing because sometimes land issues have to be tackled. We have some limitations that we need to solve," he said of the taxation issue in the Philippines.
During the 2nd Brunei, Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-Eaga) and Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT), some 50 Malaysian companies joined in the trade fair where they showcased their local goods and services.
Aside from oil palm, Matrade is also looking at investing in the Information and Communications Technology (ICT) particularly in the cities of Cagayan and Davao.
The holding of the 2nd BIMP-Eaga and IMT-GT is seen to equip the five country-members of both economic sub-regions for the upcoming Asean Economic Community (AEC) next year.
The AEC next year is seen to make the region as an "economic power" as member countries will not only benefit from borderless trade but also as a single production area of goods and services for the world.
The creation of a single production area in the Asean sub-economic region will boost growth and development among its member countries.
The BIMP-Eaga and IMT-GT will play a key role in the upcoming integration since all five member countries have huge potentials in areas of trade and commerce for agri-business, tourism, and service sectors.
Business leaders coming from across BIMP-Eaga and IMT-GT are prepping up the sub-regions as a single investment area, adding this endeavor is one strategic move as both sub-regions will tap each other's resources to come up with products to be sold within and outside of Asean. (Sun.Star Davao)