Davao investment meet focuses on ‘future-proofing’ the economy
THIS year’s Davao Investment Conference (Davao ICON) will take stock of the region’s strengths such as agriculture and tourism, and ensuring long-term growth for these primary sectors.
Now on its 7th year, the conference will focus on manufacturing, agro-processing, tourism, innovation/information and communications technology, property development, human capital build-up, and sustainability training as key investment areas.
“We will focus on these industries as drivers of growth of Davao’s economy. It shows how diversified our economy… we all have these industries already flourishing today,” Nicole Hao Bian-Ledesma, chairperson of Davao ICON 2023, said in a recent media forum.
Davao region’s economy grew by 8.1% in 2022, valued at P954.1 billion from about P882.2 billion the previous year, according to the Philippine Statistics Authority regional performance report released in April.
Last year’s performance had surpassed the pre-pandemic level of P53.2 billion pesos recorded in 2019.
Accommodation and food service activities grew the fastest at 35.6%, followed by transportation and storage at 28.7%.
The services sector accounted for 59.9% of the region’s economy, followed by industry at 24.8%, and agriculture at 15.3%.
John Carlo B. Tria, president of the Davao City Chamber of Commerce and Industry, said “future-proofing the economy” means attracting the kind of investments that will create sustainable growth and retain the region’s human resources.
“We believe that the future will demand that your investment are not just temporary because otherwise how can you attract talents to stay, for example, our children,” he said.
“If you are just going to attract investments that are for like a summer job, then chances are they will leave Davao,” he added.
Ms. Ledesma said this year’s gathering will also be more “diversified, and inclusive” by showcasing the major conglomerates alongside homegrown brands as well as women and young entrepreneurs, and start-ups.
At least 500 participants from the private and public sectors and 35 exhibitors are expected to join the Davao ICON 2023, which will be held on July 17-19 at the SMX Convention Center. — Maya M. Padillo
