Trade Secretary Ramon Lopez said a dairy company from the United Arab Emirates (UAE) is keen on investing in the Philippines.
In a Palace briefing Friday, Lopez said this investment would help to lessen the country’s dependence on imported milk raw materials as the Philippines heavily imports milk products.
“The investor is really decided to operate here since they have been successful in their operation in a hot country, a humid country like Qatar and the UAE,” he said.
He has yet to disclose the company and the investment value of the dairy firm.
Lopez said the investment of the dairy firm here could be an import substitution as they will be manufacturing the products in the country.
The Philippines imports 97 to 98 percent of its milk demand, the trade chief added.
“Once they manufacture here, we will have a vibrant milk industry,” Lopez said.
Lopez was on an official trip to the UAE last week for the Philippines’ National Day at the Expo 2022 in Dubai.
He also had meetings with high level officials and the business sector in the UAE.
Source: Philippines News Agency
