Jeddah — Saudi investor has expressed keen interest to invest in a charcoal-manufacturing business in the Philippines.
The Philippine Consulate General in Jeddah reported this positive news after Vice-Consul Alfred Kristoffer Guiang and Philippine Agriculture Attaché for Middle East Gil Herico met with Fire Horse Company Jeddah President Engr. Ahmed Kouther, who bared his plans of setting up a charcoal manufacturing plant in Mindanao on the last quarter of this year on 14 May 2019.
According to Engr. Kouther, he became interested in the coconut shell charcoal industry after attending a presentation on the coconut industry during the Department of Trade and Industry-led Philippine business mission in Jeddah in February 2019.
“The demand for charcoal in Saudi Arabia is huge, while supply of charcoal is low in the Middle East and African region,” said Engr. Kouther. “This makes the Philippines a promising investment partner because of the abundance of coconuts in the country,” he added.
Engr. Kouther visited Davao in March 2019 and met with local manufacturers of coco shell charcoals, activated carbon, and other coconut products. He was assisted during his Philippine visit by Agriculture Attaché Herico, who said that the business is soon to gain ground after the positive meetings undertaken by Engr. Kouther with Filipino coconut producers and suppliers.
The Saudi businessman will be flying back to the Philippines on the third quarter of this year to finalize his charcoal investment project, which he said will be able generate jobs for the local people.
The Philippines is among the top three producers of coconut and coconut products in the world. The abundance of coconuts in the county, coupled with its tropical weather, makes it ideal for coconut plantations and as a location for coco-charcoal manufacturing business.
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