PRESIDENT Ferdinand R. Marcos Jr. on Thursday cited the country’s strong economic fundamentals and export advantages in his bid to get even more business commitments from Malaysian firms on top of the US$235 million worth of investment pledges he secured during his concluded three-day State Visit in Malaysia.
This includes the US$20-million pledge of Malaysian dairy company Farm Fresh Berhad to establish a cattle breeding intended for milk production in the country. He also said the country’s “liberalized” business policies, which enabled foreign ownership in air transport, telecommunications, shipping, retail and renewable energy projects, as well as business-friendly corporate tax and newly established green lanes for strategic investments to draw in more investors.
RCEP is a free trade agreement of the Association of Southeast Asian together with China, Japan, South Korea, Australia and New Zealand, which cut tariffs on some goods traded among its signatories. The country is currently pushing for the extension of its GSP+ with the EU, which is set to expire by the end of the year.
A more established manufacturing sector, he pointed out, will allow the country to become competitive in the global market.
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