What an event it was. 7 ambassadors, around 19 diplomatic missions. Almost 200 foreign delegates out the 600.
This year’s Davao investment conference held last June 20-21 has exceeded expectations, and helped the Davao region break out as an investment destination in Southeast Asia.These figures alone show how interesting the Davao region has become for investments.
This event brought together many people to see what the region, and indeed the island of Mindanao has to offer.
The prebooked foreign delegations from various countries like Malaysia, China, Japan and Singapore, the European Union were a first, as were the various country pavilions. Even the inaugural flight from Doha, Qatar was a vital element that created a bandwagon for Davao.
The Mayors night was a spectacle, giving the foreign delegates a taste of the annual Kadayawan harvest festival.
During the event itself, the inspiring growth numbers ofthe region over the last five years and the new infrastructure programs of the Duterte administration, not to mention the success of many foreign businesses in the region was the main topic of discussion and interest.
After the conference, various Business to business meetings took place, with a few agreeing to pursue further discussion and push the envelope for new business ventures.
Many of the delegates were impressed by the city and local leadership, with a few noting the positive vibrations that have encouraged them to return.
Truly, the witness of successful businesses, consistent local governance and robust economic numbers are what will drive interest of others in investing in the region. In particular, this is what helps them overcome the stigma or fear of Mindanao.
The coming months will be crucial to sustaining the buzz that has begun. The challenge will be to prepare the local business community for new partnerships and expanded operations to cater to this interest and demand. This will be the challenge moving forward.
It is time to get our business financials ready for the possibility of joint ventures or partnerships, or increased funding from financiers or investors. There is no time to waste.
An enabling reality is the recent amnesty on Estate Taxes under the Tax Reform for Acceleration and Inclusion (TRAIN) law that can now enable families to utilize their landholdings for new ventures. Many families were deterred from paying this tax owing to the once steep price requiring them to fork out funds that they could barely afford to pay.
The 6% value upon time of death of the previous owner will also boost our revenues to fund new infrastructure that can increase access and connectivity further.
Another enabler is the new direct flights we have from Hongkong, Doha and Jinjiang. The possibility therefore for a Tokyo and Incheon direct flight is strong.
These enablers are what can expand the opportunity coming from the ICON. The rest will be up to us.
