Thai giant eyes $2.5-B project
We welcome this potential investment from CP Group as this will boost our economic recovery initiatives, generating more economic activities and employment opportunities for our people
Agro-industrial and food conglomerate, Charoen Pokphand Group, headquartered in Thailand, is set to pour in $2.5 billion in a project to benefit the agricultural sector.
This was confirmed by the company’s officials after paying a courtesy call with President Ferdinand “Bongbong” Marcos Jr., Trade Secretary Alfredo Pascual, House Speaker Martin Romualdez, Executive Secretary Lucas
Bersamin, Special Assistant to the President Anton Lagdameo, and Pampanga Representative Gloria Macapagal-Arroyo, among others in Malacañang on 30 May.
“We welcome this potential investment from CP Group as this will boost our economic recovery initiatives, generating more economic activities and employment opportunities for our people. This is an outcome of the President’s visit to Thailand in November last year. There, they have committed to expanding their operations in the country, and now it’s happening,” Pascual said in the occasion.
In 2022, Thailand, where CP Group is based, was the country’s 8th major trading partner, 6th export market, and 7th import supplier.
Charoen Pokphand Group Co., Ltd is primarily dedicated to enhancing and developing the quality of life of the people in Thailand and communities around the world.
Agro-based operations
Their operations in Bangkok involve a wide array of businesses such as agro-industry and food, retail and distribution, telecommunications, e-commerce and digital, pharmaceuticals, finance and investment, automotive and industrial products, and property development.
During the meeting, CP executives and public sector representatives discussed business integration, particularly food, aquaculture and livestock activities in the Philippines, anchored on their pledge to invest in and help improve aquaculture, rice, and swine production in the Philippines in order to support the development of the country’s agrifood value chain.
The Charoen Pokphand Foods Philippines Corporation, or CPFPC, a subsidiary of Charoen Pokphand Foods Public Company Limited is considered as the most significant Thai investment in Philippine Agriculture.
In 2022, a memorandum of agreement was signed by CPF in partnership with the Department of Agriculture and Land Bank of the Philippines to support poultry, aquaculture, and hog farming business expansion. Currently, CPFPC has three Board of Investment registrations also focusing on agricultural projects.
“With science, technology, and innovation as our core strategy in the country’s industrial transformation, we are excited and optimistic about this investment from CP Group as it will not only bring in new technology in the agricultural sector but at the same time increase the quality of their products and productivity level. We hope that this investment will boost our efforts to integrate the agricultural industry into the global value chain,” Pascual added.