By Genalyn Kabiling
The Philippines and China are aiming for “win-win outcomes” following an agreement to promote investment and cooperation in industrial parks development in the next five years.
The two countries recently signed the “Program for cooperation on industrial park development” that will guide Chinese enterprises to invest in the country’s industrial parks.
The 2018-2022 program will be guided by “international production capacity, cooperation and pragmatic efforts to create win-win outcomes.”
“Both countries’ aspirations for development, commitment to cooperate, investment environments, and industrial conditions, should be considered in order to make scientific layout, progressively develop industrial parks, explore scope of bilateral cooperation, enhance industrial cooperation, and promote economic development,” the document read.
Under the agreement, the two sides will focus on the development of industrial parks in the areas of processing/ manufacturing, port-neighboring parks, agribusiness, resource-based processing, science and technology parks, and city-industry integration.
They can also explore industrial parks in developed areas such as the special economic zones under the Philippine Economic Zone Authority, Subic Bay Metropolitan Authority, and Clark Development Corporation.
“Both sides will focus on developing export-oriented processing/manufacturing industrial parks, which will attract Chinese enterprises to settle and operate,” the document read.
A joint working group will be created to guide enterprises’ participation, monitor and assist in development of industrial parks, promote industrial parks to potential investors, among others.
Under the agreement, the two parties will conduct investment seminars or missions, including business matching actives; identify areas of cooperation in industrial development; coordinate joint efforts in development of industrial sector; share best practices; and exchange information on investors relating to doing business in the country.
The expiry of the program will also not affect the validity of cooperation projects between the two countries.