The Philippine Economic Zone Authority (PEZA) and Oman’s Public Authority for Special Economic Zones and Free Zones (OPAZ) are exploring potential partnerships in food manufacturing and electronics within their respective economic zones. PEZA said in a statement on Tuesday that both parties are looking into a possible joint memorandum of understanding (MoU) to strengthen collaboration, according to BusinessWorld.
The potential MoU would cover investment promotion and information sharing between PEZA-administered ecozones and Oman’s special economic zones, which include Duqm, Salalah, Sohar, and Al Mazunah. Food manufacturing and electronics were identified as priority sectors given their growth potential and complementarities between the two countries’ industrial bases.
The talks come as the Philippines seeks to diversify its investment sources and move up the value chain in manufacturing. Economic zone partnerships typically include joint marketing, exchange of best practices, and facilitation of locator investments, which could help both sides attract more foreign direct investment.