RIYADH, 22 March 2007 — The Integrated Mindanao Economic Forum (IMEF) has been chosen by the Philippine Department of Trade and Industry (DTI) to play a role in promoting Mindanao and the country’s products in the Kingdom.
According to the concept paper on Project “Magic 25” received from DTI office in Davao recently, the IMEF shall facilitate/organize events in Riyadh which will promote economic growth for Mindanao.
According to the concept paper on Project “Magic 25” received from DTI office in Davao recently, the IMEF shall facilitate/organize events in Riyadh which will promote economic growth for Mindanao. The project was expected to take off in the second quarter of 2007, with an estimated P9.75 million budget coming from both the public and private sector’s participation.
Dr. Omar Mababaya, IMEF spokesman and chairman of the board of trustees, said that the forum can be a good ground for dialogue and exchange of views that will help promote economic integration — in terms of promoting trade and tapping investment opportunities — among Muslim nations in Southeast Asia and the Middle East at intellectual, professional and business levels. The forum will also be a center for dissemination of information to include the preparation and distribution of promotion collaterals.
The head of the Mindanao Trade and Investment Mission to the Kingdom Engr. Merly Cruz, DTI assistant secretary who was in the Kingdom last February 23-March 05, 2007 with 14 delegates from Mindanao told Arab News that the mission was a resounding success, generating positive feedback from the Saudi business community and brought opportunities for Mindanao products.
The mission which introduced project “Magic 25” to OFWs, was spearheaded by the DTI Region XI in cooperation with the Philippine Trade and Investment Centers in Riyadh and Jeddah. By implementing the project, the value of trade which is currently at SR42 million, will jump to SR420 million after three years only.
According to DTI study, the project aims to target 10 percent of the 1.4 million Filipino OFWs to increase by 30 percent and 60 percent respectively, for the first year.
Philippine Ambassador Antonio P. Villamor to the Kingdom called on Filipinos in the Kingdom to spend at least 25 riyals a month on purchasing products from the Philippines. SR25 a month, works out to SR300 a year or SR300 million ($80 million) annually, since more than one million OFWs are residing in the Kingdom.
Cruz said that there were significant numbers of joint venture arrangements, such as buyer-supplier match-up, product distributorship, plant/factory establishment, as well as investment partnerships.
Magic 25 is aimed at tapping the huge market of 1.4 million Filipino OFWs with the end-goal of increasing Philippine trade in the Kingdom, she added.
thereby narrowing down existing trade gaps, which is currently tilted in favor of KSA. And to promote Mindanao products to a growing ME market and make Mindanao as a potential supplier of goods and services.
The project activities include, among others, streamlining the process and issuance of halal certification to concerned institutions, establish and maintain trade display booths in malls and other strategic establishments. Organize a trade exhibit in the Kingdom to promote Mindanao products, conduct outgoing trade and investment missions to Saudi Arabia to firm up initial meetings. Facilitate/coordinate incoming missions to Saudi Arabian counterparts for them to further explore and validate trade and investment opportunities in Mindanao.
The other coordinators headed by DTI XI and Philippine Embassy in Riyadh, includes the Philippine Trade and Investment Center, Filipino Community Associations and the PME Jeddah.
