[Argentina, Philippines] Argentinian food ingredient company Farmesa is investing around P300 million for a seaweed processing plant, making the Philippines its first production hub outside of Argentina, as the company expands its sourcing of seaweed in the Philippines.
Trade and Industry Secretary Ramon Lopez, who attended the 11 WTO Ministerial meeting, has met with Agustin Perez, head of Farmea’s International Group, at the sideline of the ministerial meeting.
“The Philippines will be their first manufacturing operations outside Argentina,” reported Lopez.
According to Lopez, Perez confided that aside from the big potential of locally sourcing seaweeds, he finds the Philippines business environment stable and the economy very dynamic, which add on to his confidence in pursuing their growth story in the Philippines. He cited the country as one of the fastest growing economies in the world.
Farmesa currently had to source seaweeds from several Asian countries and bring it to Argentina for processing. Now they can focus their sourcing in the Philippines and do the processing right in the country. While they have existing client companies, they plan to export bulk of their production.
Farmesa is an Argentinian family enterprise that specializes in the R&D, production, and export of food additives and ingredients to several food companies worldwide.
Lopez reaffirmed that their expansion plans can bring them closer to both the source of their main ingredient seaweeds, as well as the market of their products – the Asian region.
Farmesa also recognized the potential of harnessing the free trade agreements and GSP trade arrangements that the Philippines has with other countries in the region as well as in US and EU.
Lopez lauded Farmesa for their decision to choose the Philippines ahead of other candidate countries for the company´s expansion. The availability of raw materials plus the strategic location of the country factored highly in the country’s evaluation.
View original article at: Argentina firm plans to invest in seaweed processing in PH