Free Trade Zones

Peza targets 6% investment growth in 2022 and joins World Free Zones

AFTER recording solid growth last year amid the Covid-19 pandemic, the Philippine Economic Zone Authority (Peza) is targeting 6% investment growth this year.

“Despite the pandemic that has slowed us down for two years, Peza is grateful for the continued support of our partner locators and investors. Now that the Philippines is achieving herd immunity and reopening its economy, we at Peza continue to thrive by attracting more foreign direct investment (FDI) to the country,” said Peza Chief Charito Plaza.

For the month of January 2022, the Peza Board of Directors has approved nine new and expansion projects with 3.480 billion pesos of investments.

The estimated annual export sales of these investments are US$56.090 million with 732 direct jobs expected.

At present, Peza is strengthening its network around the world to attract more investors to do business in the Philippines and invest in the different types of ecozones in the country.

The investment promotion agency has encouraged investors from the Middle East, in particular, who engage in various sectors such as infrastructure, oil refineries and the development of ecozones to choose to invest in the country.

“We continue to build partnerships as well as backward and forward linkages to strengthen our efforts in promoting investment between the Philippines and the Middle East,” she said at the “Global Biz with Peza” forum. which brought together investors from the United Arab Emirates and the Middle East. East on February 15, 2022 at the Kempinski Hotel in Dubai.

There are a total of six Emirati companies registered in Peza contributing 383.405 million pesos in investments, $19.027 million in exports and employing 1,409 Filipino workers as of November 2021.

Peza, partnership with the World Free Zones Organization

During the forum, Peza and the World Free Zones Organization (WFZO) also entered into a partnership to promote and support free trade zones around the world in terms of marketing and trade and investment promotion.

“We hope to help each other in promoting WFZO member countries so that we can all have a part in the world. [trade and investment] marketing and promotion,” she said.

WFZO Managing Director Dr. Samir Hamrouni believes the partnership is a win-win situation for Peza and WFZO.

“There is also a lot of experience that we can learn from PEZA in terms of global exports and best practices,” he said.