THE Philippine Economic Zone Authority (PEZA) tapped the Chamber of Commerce and Industry Australia Philippines, Inc. (CCIAP) as its investment promotion partner.
With PEZA signing a memorandum of understanding with CCIAP on Jan. 24, CCIAP outlined possible collaborations and investment opportunities in a sustainable circular economy.
Among these are research and development in partnership with academic institutions and laboratories and attracting multinational biotech firms for manufacturing and commercialization.
The partnership also aims to ensure “steady foreign direct investment inflows through strategic partnerships with ASEAN governments and industry organizations.”
“This agreement represents a pivotal step toward attracting global biotech players, establishing a robust value chain, and strengthening economic and diplomatic ties between the Philippines and Australia,” PEZA said.
“This also aligns with PEZA’s vision of not only promoting the Philippines as a prime investment destination but also positioning the country as a regional biotechnology hub within ASEAN,” it added.
Australian equity among PEZA locators is currently valued at P11 billion in investments. These account for $750 million in exports and 47,000 jobs. — Justine Irish D. Tabile
