DAVAO CITY—Businessmen belonging to the European Chamber of Commerce in the Philippines (ECCP) said they see opportunities in agricultural processing in Mindanao, particularly coconut-water processing.

Martial Beck, ECCP vice president and general manager, said European businesses remain upbeat in the country’s economic prospects and expect more companies to invest in the country.

Beck said European businessmen are particularly keen on Mindanao as possible investment site for agriculture and fisheries production.

“[The Philippines] has lots of coconuts here. In Europe there’s a big demand for coconut water,” he said during the second joint meeting of foreign chambers in Davao City held at the Seda Hotel here over the weekend.

In 2012 the value of Philippine coconut-water exports increased by 23 percent from 16.7 million liters worth $15.1 million in 2011, according to data from the trade department.

In the same year Philippine coconut-water export earnings from the US increased by 29 percent to $14.2 million. The United States accounted for 76.25 percent of the total Philippine coconut-water exports

Earlier, the Mindanao chapter of the Japanese Chamber of Commerce and Industry of the Philippines indicated its plan to encourage Japanese investors to put their money in the region’s manufacturing and agro-processing sectors.

Beck noted that European firm Holcim is already engaged in developing Mindanao’s infrastructure.

The Davao City chapter of the American Chamber of Commerce of the Philippines spearheaded the gathering of foreign businessmen to explore opportunities in the region.

Source: Business Mirror (www.businessmirror.com.ph); News; 22 October 2013