|In the picture (middle) Sabah United Chinese Chamber of Commerce President, Tan Sri Andrew Liew Sui Fatt, presents a token of appreciation to Commercial Attaché Katrina Banzon. Other SUCCC members look on.|
21 February 2019: Commercial Attaché Katrina Banzon met with the Sabah Chinese Chamber of Commerce (SUCCC) for a courtesy meeting, and to present to the Chamber updates on the Philippine economy and investment opportunities. The meeting was hosted and attended by the President of SUCCC, Tan Sri Andrew Liew Sui Fatt, and other chapter presidents and officers of the Chamber.
For both countries, the meeting couldn’t be more timely as the Philippines and Malaysia currently enjoy very favorable trade and investment relations. Growth of approved investments from Malaysia to the Philippines increased by 3,430 percent in 2018 (January to September, from the same period in 2017). In value, these approved investments amount to US$ 271.23 million, making Malaysia the third largest investor in the Philippines. Investments in infrastructure development, construction, high-value services, manufacturing, and agriculture-based businesses are being promoted, especially in Mindanao.
Although Mindanao is very close to Sabah, many SUCCC members have yet to explore and venture into investing in the country. Some members raised concerns over safety of investments in the Philippines, and peace and security in Mindanao. As a response, CA Banzon pointed out that investments in the Philippines are safe and highlighted that Mindanao is open for business. Tan Sri Andrew agreed that it is high time that the business community in Sabah consider the Philippines as an investment destination.♦
Date of Release: 11 March 2019