Thailand's Prime Minister Prayuth Chan-ocha (R) and Philippine President Rodrigo Duterte. Photo: Reuters, Jorge Silva

One of Thailand’s largest agricultural firms, Charoen Pokhand, announced Thursday a US$500 million investment in the Philippines, reports local media.

The announcement comes as Philippines President Rodrigo Duterte finishes a state visit to Thailand, during which the two leaders pledged to address the countries’ trade imbalance.

Charoen Pokhand already employs 2,000 people in the Philippines, and has expressed a medium-term investment goal for the country of US$2 billion.