DFA: Thai conglomerate to invest $45M in RP

One of the biggest conglomerates in Thailand is investing $45 million in the Philippine animal feed industry, the Department of Foreign Affairs said in a statement Monday. This was according to Philippine Ambassador to Thailand Linglingay Lacanlale after a meeting with Pinij Kungvankij, senior vice president of Charoean Pokphand Foods. "The CP Group investment in the Philippines will bring in technologies that have made Thailand the biggest exporter of white shrimp in the world," said Kungvankij. Charoean Pokphand Foods is the flagship of the CP Group. CP Group has set up Charoen Pokphand Foods Philippines Corp. to put up feed mills that will manufacture shrimp and fish feeds for the Philippine market. The group also plans to set up pig farms and hog feed manufacturing facilities. The Board of Investments has already approved the incentives for the CP Group, the statement said. The DFA said construction of the company's facilities is expected to start this year. —JE/VS, GMANews.TV