PEZA, embassies work together to attract investments

MANILA, Philippines — The Philippine Economic Zone Authority (PEZA) is partnering with the embassies of India and Malaysia as part of efforts to attract more investors from the two countries.

In a statement yesterday, PEZA said it is partnering with the Embassy of India to encourage Indian firms to invest in the Philippines through a forum that would discuss available investment opportunities in the country.

The partnership follows the courtesy visit of Indian Ambassador Shambhu Kumaran and First Secretary Nishi Singh to the PEZA earlier this month where business opportunities for Indian firms in the country were discussed.

Kumaran said the digital economy offers opportunities for both India and the Philippines and training the workforce for the needs of the global market is an area where the two countries can work together.

“The demographic dividends can only be realized if we do what is required – that is to train and equip those entering the job market to meet the challenges of the new economy,” he said.

He said the embassy would also provide support in encouraging defense industries and pharmaceutical firms to consider opportunities in the Philippines.

At present, there are 28 Indian firms registered with the PEZA.

The bulk or 21 of the firms are engaged in information technology-business process outsourcing, five in manufacturing and two under other sectors.

Apart from India, the PEZA is also working with the Malaysian Embassy to host a session for Malaysian companies interested in investing in the Philippines.

The PEZA has set a target to approve more than P100 billion worth of investments this year.

The agency approved P11.31 billion worth of investments in January, up by a notable 139 percent from last year’s P4.726 billion.