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The first seminar on investment was held in Mindanao, the
Philippines, with the participation of representatives from chambers of commerce of 11
Islamic countries.
The seminar underlined the active
role that private sectors in Islamic countries can play in making investments in Mindanao.
The Islamic Development Bank
(IDB) offered 16 million dollars free loan to the Muslim-populated Mindanao.
Representatives from the private
sectors of the Islamic countries agreed to establish of a company with the initial capital
of 100 million dollars.
The Iranian private sector signed
an agreement for the construction of 1,000 pre-fabricated housing units and an asphalt
factory in Mindanao.
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A delegation of 100
businessmen representing the Chambers of Commerce of a number of Islamic countries
attended a Seminar in Mindanao at the official invitation of the Philippines government
[on behalf of the local government in the Muslim-populated state of Mindanao]. The
representatives from Iran, Saudi Arabia, Kuwait, the United Arab Emirates, Oman, Malaysia,
Indonesia, Brunei, Pakistan, Egypt and Lebanon participated in the seminar sponsored by
the Islamic Development Bank (IDB). The seminar was held in the Philippines capital,
Manila, and Zamboanga, center of the autonomous Muslim populated state of Mindanao, with
the aim of studying the economic situation in the region and exploring avenues for the
expansion of trade and investment.
The Iranian delegation, headed by the Chairman of the Islamic Chamber Dr. Karbasi, and
comprising representatives from the Behshahr Industrial Development, Technical-Engineering
Services Export, Financial-Credit Institute of Mostazafan Foundation, Pars Banafsheh and
Asia-Pacific Corporation, actively took part in the seminar.
Some 200 representatives from the public and private sectors of the Philippines also
attended the meeting, which was opened by Ronaldo Zamora, the Executive Secretary of the
Philippine government, on behalf of the President. Thanking the participants and IDB for
making the seminar possible, Zamora said that currently, an atmosphere of trust and
friendship has developed between the Manila government and the Muslim populated region,
adding that the seminar and its important outcomes should be viewed with a positive
outlook. He said that grounds are prepared for the economic development of the deprived
region in the Philippines and stressed that the central government is decisive in taking
fundamental steps in this connection.
Also addressing the gathering, Governor General of Mindanao, Professor Nur Misuari
underscored IDB's role in the development of the region, and thanked the bank's assistance
for implementation of educational and health programs. He said that Muslims in the
Philippines have struggled for equal rights and many have been martyred for this end.
However, in 1996 the aspiration of the Muslims was realized with the visit of delegations
from Saudi Arabia and Iran to the region. During the talks with the Iranian delegation, it
was agreed that Iran would build an oil refinery in Mindanao. Stressing that grounds are
also prepared for joint investment, he pointed to the potentials in other sectors such as
fishing, construction, road building, exploitation of mines and agriculture, including
cultivation of banana and extracting coconut oil.
In continuation, IDB head Dr. Ahmad Mohammad Ali expressed satisfaction over the
establishment of peace and security in the region and lauded the facilities that the bank
has granted in educational and health areas. he also voiced IDB's readiness to grant
technical assistance in the field of the development of human industries. Pointing to the
16 million-dollar free loan for technical purposes, he expressed hope that with the
cooperation of investors from Islamic countries that were represented at the seminar,
joint investments can be made in the basic projects in the region.
The participants then met and held talks with businessmen in the Muslim populated region
for two days, and studied investment opportunities in various economic sectors in
Mindanao.
During the three-day conference, the participants exchanged views on the economic
situation, investment regulations, and legal rules concerning land ownership the priority
in the operation of production and industrial units, as well as cooperation in the
agriculture sector,we also discussed.
The participants in the seminar later met with the President of the Philippines Joseph
Estrada who termed Mindanao as a deprived region, adding that the government is determined
to develop the area. He recalled his childhood when the people of Mindanao devotedly
resisted against aggressions of the aliens. He felt, the Philippines is indebted to the
devotion of the Muslims for its independence, but regretted that the region is one of the
most deprived areas in his country. The President further remarked that instead of giving
empty promises, grounds should be prepared for development and progress of the people. He
also thanked IDB and announced support for all joint venture projects.
At the end of the seminar, the participants reached agreement in the following points
- With an initial capital of 100 million dollars Setting up
of an investment company in Mindanao with the participation of businessmen from member
countries of the IDB.
- Guarantee payment of 14 million dollars in such areas as
mines, agriculture, energy, and banking by the IDB and the participants.
- A cooperation agreement worth 142 million dollars between
representatives from the Mindanao side and the participants in the seminar in the
commercial, education, mines, agriculture, health, and industry sectors.
- Cooperation in agriculture, fishing, tourism, marketing,
and commerce, worth 28 million dollars.
The Iranian delegation at the seminar reached agreement
with delegates from Mindanao on the following topics:
- Storage, gas filling, and selling cylinders through joint
cooperation.
- The building of an asphalt factory through joint
cooperation.
- The construction of 1,000 pre-fabricated housing units in
five phases, each with 200 units.
- Sale of tar and construction materials.
- Sale of oil, soaps powder, shampoo, toothpaste, and dish
washing detergents.
- Preliminary negotiations for the operation of a factory
for the extraction of coconut oil.
- Export of medicine, and the establishment of a
pharmaceutical plant in Mindanao.
- The setting up of a vegetable shortening factory with the
refining stage in Iran, and the final stage in the Philippines.
- Investment for the production of 11 kg gas cylinders.
- The establishment of coconut oil factory.
- sale of 300 mini buses.
- Establishment of a store for the direct presentation of
Iranian goods in Mindanao
- An agreement with the barter trade sector of the local
government for the expansion of bilateral trade.
- Cooperation in the exploitation of gold, silver and copper
mines.
- Opening of a branch of the financial credit institute, the
Mostazafan Foundation.
- The building of housing units, administrative premises and
stores for the direct presentation of goods, worth 10 million dollars.
- The building of a residential township equipped with full
facilities in Davao City, worth 1 billion dollars.
Upon an official invitation extended by the Chambers of
Commerce of Malaysia and Indonesia to the IDB joint one-day seminars were held in Kuala
Lumpur and Jakarta. During the seminars, the participants were briefed on the economic
situation in both countries in the aftermath of the Asian economic crisis. Officials from
both the public and private sectors elaborated on the policies of their respective
countries for foreign investment and bilateral trade cooperation. However, because of
limited time, the participants did not find an opportunity to inspect the projects offered
for joint investments, nor did they have time to hold effective talks in the related
fields.
At the end of the IDB delegation's visit to Malaysia and Indonesia, agreements were
reached in the fields of agriculture, tourism, mines, and industries. All are to be
followed up in the future with a more active participation of the private sectors of the
Islamic countries through IDB's cooperation.
The Iranian delegation actively participated in the talks and reached agreements in the
following areas:
Outcome of Visit to Malaysia
- The export of tar, fire resistant bricks, and stones to
Malaysia in return for import of chicken and iron sheets.
- Malaysia's readiness to purchase tomato pastes from Iran
and sell chicken in return.
- The export and production of washing powder in Malaysia,
and the manufacture of washing machines in Iran.
- Malaysia investing in Iran for the production of palm oil
with the guarantee from the Iranian side to acquire the permission for its production.
- A feasibility study for the production of laboratory
equipment in Malaysia for local use and for export to African countries.
- Production of security glass.
- Export of various types of fruits to Malaysia by the
Mostazafan Foundation.
Outcome of Visit to Indonesia
- Export of melamine, stones, fire resistant bricks, and
ceramics, as well as import of spices and fabrics.
- Cooperation in selling Indonesian products, especially
textiles, in the Iranian free trade zones.
- Export of foodstuffs to Indonesia particulary meet to the
need for halal meat.
- Iranian purchase of various types of fabrics, and sale of
sulfur to Indonesia.
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