Argentinian food ingredient-producer Farmesa wants to put up a P300-million processing plant in the Philippines, marking its first manufacturing initiative overseas, according to the Department of Trade and Industry (DTI).
Trade Secretary Ramon Lopez and Farmesa Asia-Pacific director Agustin Perez discussed the manufacturer’s plan to put up a seaweeds processing plant in the Philippines. They recently met on the sidelines of the 11th Ministerial Conference of the World Trade Organization in Buenos Aires, Argentina.
In a separate message to reporters, Lopez said the investment could be around P300 million.
According to the company’s official website, Farmesa focuses on the development, manufacturing and marketing of ingredients and specialties for the entire food industry. Calling itself a leading firm in application-specific additives and ingredients, Farmesa provides solutions for food manufacturers in more than 30 countries through research and development.
If the deal pushes through, the Philippines would be the firm’s first manufacturing operations outside Argentina.
Further details about the investment, such as its location and plant capacities, were not disclosed. However, according to the DTI, the company would take advantage of locally sourcing seaweeds and then exporting “bulk of their production.”
The DTI has been pushing for the resurgence of the manufacturing industry, which has picked up only in the past few years.
“The availability of raw materials plus the strategic location of the country factored highly in the country’s evaluation. They currently had to source seaweeds from several Asian countries and bring them to Argentina for processing,” the statement read.
DTI added the company recognized the Philippines’ current efforts to come up with a free trade agreement on top of zero-duty trade preferential arrangements with the United States and the European Union.