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Peza signs up for collab with China business chamber
The Philippine Economic Zone Authority (PEZA) has signed a memorandum of understanding (MoU) with the International Chamber of Commerce (ICC) in China to enhance regional economic integration.
The agreement, signed by PEZA Director General Tereso Panga and ICC-Dongguan President Zhao Wenfa, resulted from PEZA's investment mission to China in March.
Zhao Wenfa, who also chairs the Aoxing Group, a manufacturer of electrical equipment, is now PEZA's latest Investment Promotion Partner (IPP).
This collaboration aligns with the China+1+1 strategy, a trend where companies diversify their operations by maintaining a presence in China while expanding into other Asian markets, presenting an opportunity for Southeast Asia.
The MoU aims to foster closer ties with Chinese businesses looking for robust, dual-base production and supply chain solutions in the region.
Wenfa highlighted the significance of localized business operations as a basis for enduring economic partnerships.
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