Government urged to review foreign investment policies to boost agricultural sector growth – Manila Bulletin
The Secretary of the Department of Agriculture (DA), William Dar, urged the government to review and adjust foreign investment policies deemed “unsuitable” to the current needs of the country’s agricultural sector.
Speaking at the 9th virtual session of the economic forums on September 17, Dar suggested that the government needs to review and adjust policies to create an environment that would attract the most favorable foreign investment.
“Foreign investment is an integral part of an open and efficient global economic system, and a major catalyst for modernization and development,” said the AD chief.
“This is where decisive and immediate action is needed. Many laws and policies that currently govern FDI (foreign direct investment) in agriculture in this country no longer meet the current needs of the sector – unsuited to the demands of economic growth in times of national crisis, ”he said. added.
He added that there was also a need to develop a new, more conducive national policy framework to stimulate the flow of resources and improve government support for the provision of fiscal, financial, technical or technological investments.
Dar also said the department “will continue to develop and implement the policies necessary to create and mobilize capital for the agricultural sector,” noting that foreign direct investment is critical to this process.
“There should be a major effort to build and improve the physical infrastructure and digital connectivity that will make investments in remote and vulnerable areas of the country more viable,” said the head of the DA.
“We must respect these imperatives to extend and extend the benefits of foreign investments to local farmers and fishermen,” he added.
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