To attract more foreign investments from the land down under, the Philippine Economic Zone Authority (PEZA) and the Chamber of Commerce and Industry Australia Philippines Incorporated (CCIAP) sealed a new partnership, adding to the growing list of investment promotion partners of the investment promotion agency.

In a statement released on Wednesday, PEZA said that it has sealed a memorandum of understanding with the CCIAP last 24 January with the latter vowing collaborations and investment opportunities, particularly in fostering a sustainable circular economy.

The MoU sealed between PEZA director general Tereso Panga and CCIAP President Connie da Cunha, included such key initiatives as integrating research and development (R&D) through partnerships with academic institutions and laboratories, attracting multinational biotech firms for manufacturing and commercialization, and ensuring steady foreign direct investment (FDI) inflows through strategic partnerships with ASEAN governments and industry organizations.

Pivotal step

Panga said the 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.

He 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 the ASEAN region.

“The partnership between PEZA and CCIAP is a testament to the strengthening trade ties between Australia and the Philippines. Hopefully, soon, these close partnerships that we are engaging in expand the presence of Australian businesses in the Philippines,” Panga said.

To date, PEZA locators with Australian equity have generated more than P11 billion in investments and around $750 million in exports, producing over 47,000 direct jobs in the ecozones.