Businesses from famed Chinese market urged to come to PH
The Philippine Economic Zone Authority (Peza) wants more Chinese firms to set up shop or expand in the country’ economic zones.
Together with the Board of Investments (BOI) and Bureau of Internal Revenue (BIR), Peza said it met with big-ticket Chinese investors from the Yiwu China Commodities City earlier this month.
“The economic cooperation with Yiwu will surely increase investment and trade for the country as we attract Yiwu’s small commodity manufacturers to set up their production facilities ideally in the ecozones,” said Peza Officer-in-charge and Director General Tereso O. Panga.
Yiwu China Commodities City, known simply as Yiwu market located in Zheijiang, China, is touted as the world’s largest wholesale market for cheap goods.
Founded in 1982, it has more than 75,000 stores and small commodity producers of 2.1 million items in 26 large-scale business categories, according to Peza.
The Yiwu market also has trade relations with more than 210 countries and regions across the globe, the investment promotion agency said.
Panga said he was confident that the entry of these small commodity producers would stimulate the economy and the tourism industry by spurring the integration of local small, and medium enterprises (SMEs) into the economic zone value chain.
According to Panga, there are currently 160 registered Chinese businesses under the investment promotion agency.
To date, these Chinese businesses have invested a total of P25.446 billion, produced $1.367 billion of exports and generated 15,724 direct jobs.
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