Bahrain and the Philippines have signed an agreement to set up a $500 million joint agricultural company to help achieve food sufficiency in the kingdom and the GCC states.

Philippines president Gloria Arroyo welcomed the move as she received Industry and Commerce Minister Dr Hassan Fakhro and his accompanying delegation.

The Philippines government has allocated about 10,000 hectares of arable land to grow rice, corn, sugar plants and pineapple in addition to vegetables.

The total investment in the project would amount to about $500 million, starting with $50 million for the first year. It will also provide job opportunities for 100,000 Filipino nationals.

Bahrain is represented by Nader and Ibrahim S/O Hassan Company chaired by its chief executive Ibrahim Al Ameer.

The company has been operating in the Philippines for more than 30 years, with activities focusing on agriculture and export of agricultural products to many countries.

Al Ameer said the company would reach its maximum production capacity within five years. This achievement is the outcome of many visits by Prime Minister Shaikh Khalifa bin Salman Al Khalifa and Dr Fakhro to the Philippines, he said.

Officials in the Philippines have always expressed full trust in Bahraini companies and businessmen, he said.-TradeArabia News Service