Cayman explores partnership with Philippine conglomerate
Updated – The Philippines most diversified conglomerate, San Miguel Corporation( SMC) and the Cayman Islands government are jointly exploring investment opportunities in the areas of aviation, tourism, and infrastructure.
Premier McKeeva Bush, while on his trip to Tokyo for the Commonwealth Finance Ministers conference, met with executives of San Miguel Corporation.
“We are looking forward to working together and capitalising on the synergies of both SMC and the Cayman Islands. This joint cooperation underscores our commitment to study and work with projects that will be mutually beneficial to both parties,” Mr Bush stated.
He added: “This combined effort will help us realise the objectives that we have set for our islands, to bring in more investments, breathe life into our existing industries and make the Cayman Islands the choice destination for the region. We are happy that SMC, the Philippines largest conglomerate, has chosen us to be a potential strategic partner for its international expansion.”
For his part, Mr Ramon S Ang, SMC President and COO said: “This is a historic moment for both San Miguel Corporation and the Cayman Islands as represented by Hon Mckeeva Bush, and offers countless opportunities for our company to become a potent force in developing the economy of the Cayman islands through potential investments. We hope that this understanding translates into a fruitful cooperation.”
According to the company’s website, San Miguel Corporation is the largest beverage, food and packing company in the Philippines and has over 100 facilities in that country, in South East Asia and China. Under its portfolio are over 400 products including beer, liquor, juices, meats, poultry and dairy products, coffee, condiments, animal feeds and various packaging products.
SMC’s operations also extend to Vietnam, Indonesia, Malaysia, Thailand and Australia and the company has joint venture relationships with major international corporations, including US-based Hormel Foods, Nihon Yamamura Glass and QTel, a Qatari telecommunications company.