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PEZA pitches Korean investors as economy reopens.
The Philippine Economic Zone Authority (PEZA) is pitching Korean investors as the country’s economy reopens. The move comes as the Philippines looks to attract foreign investment to help boost its economy, which has been hit hard by the COVID-19 pandemic.
PEZA is targeting Korean companies in the electronics, automotive, and shipbuilding industries, among others. The agency is highlighting the Philippines’ skilled workforce, strategic location, and business-friendly environment as reasons why Korean companies should invest in the country.
The Philippines has long been a popular destination for Korean investors, with Korean companies accounting for a significant portion of the country’s foreign direct investment. However, the COVID-19 pandemic has disrupted global supply chains and caused many companies to rethink their investment strategies.
PEZA is hoping to capitalize on this by offering incentives to Korean companies that invest in the Philippines. These incentives include tax holidays, duty-free importation of capital equipment, and simplified customs procedures.
The agency is also highlighting the Philippines’ strong economic fundamentals, including its young and growing population, expanding middle class, and robust consumer market. These factors make the country an attractive destination for companies looking to tap into the growing Southeast Asian market.
PEZA’s efforts to attract Korean investors come as the Philippines looks to bounce back from the economic impact of the COVID-19 pandemic. The country’s economy contracted by 9.5% in 2020, its worst performance in more than three decades.
However, the government is optimistic that the economy will rebound in 2021, with growth projected to reach 6.5% to 7.5%. The government has also launched a number of initiatives aimed at attracting foreign investment, including the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which provides tax incentives to companies that invest in the country.
Overall, PEZA’s efforts to pitch Korean investors as the economy reopens are a positive sign for the Philippines’ economic recovery. With the right incentives and a business-friendly environment, the country has the potential to attract more foreign investment and create new opportunities for growth and development.