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PEZA wants SMEs to invest in China’s Yiwu Market.

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Small and medium-sized businesses (SMEs) from China’s Yiwu Market, the largest wholesale market in the world, are looking at opportunities there.

The Philippine Economic Zone Authority (PEZA) announced in a statement on Monday that it hosted a delegation from Zhejiang province on March 7.

Tereso Panga, the PEZA officer in charge, extended an invitation to the SMEs from Yiwu to set up shops in economic zones in the Philippines.

When we entice Yiwu’s small commodity manufacturers to locate their production facilities optimally in the ecozones, economic cooperation with Yiwu will undoubtedly raise investment and trade for the nation, according to Panga.

In order to serve the local market, he said that the Corporate Recovery and Tax Incentives (CREATE) law has given PEZA permission to register SMEs that are located inside ecozones.

When opposed to imported goods, “these ecozone manufactured products may be conveniently made available to the domestic market, which is projected to benefit the Filipino consumers,” he continued.

Yiwu Market is a complex of 75,000 stores and small commodity producers with 2.1 million goods. It is also known as Yiwu Chinese Commodities City or Yiwu International Trade City.

Panga continued, “PEZA aspires to entice additional Chinese investors to join its current 160 Chinese RBEs that have already produced a staggering PHP25.446 billion in investments, USD1.367 billion in exports, and 15,724 direct jobs.

The delegation also included representatives from the Zhejiang Department of Commerce, Yiwu Municipal People’s government, Bank of China, Export-Import Bank of China, and China-Philippines Chambers of Commerce in addition to SMEs and manufacturers.

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