THE Philippines is set to finalize the Bioplastics Industry Roadmap by year-end with the support of South Korean companies, the Board of Investments (BoI) said.
In June, the BoI led a delegation to South Korea for an industry familiarization tour, which covered sustainable practices, technological innovations and industry trends with the goal of integrating it into the development strategy for the Philippines' bioplastics industry.
"One of the outputs of the project is the formulation of the Philippine Bioplastics Industry Roadmap, which is expected to be completed in the last quarter of the year," the BoI said on Tuesday.
The Philippine Bioplastics Industry Roadmap is expected to outline strategies for research and development, investment promotion, and policy support to foster a thriving bioplastics sector in the country.
The BoI noted that the Department of Science and Technology was notified about the need for better research and development and testing facilities. The Climate Change Commission, meanwhile, pledged to create policies highlighting the importance of bioplastics in cutting down plastic waste and addressing climate change.
Part of the visit to South Korea was a discussion with one of the major Korean companies, CJ Chiljedang, which ventured into overseas investments in Indonesia for the manufacture of biopolymer PBAT (polybutylene adipate terephthalate).
Other South Korean companies have pledged their support for the strategic application of bioplastics in the Philippines.
"This activity allowed the BoI to develop strategies for positioning the Philippines as an attractive destination for future investments from not only CJ but also other major Korean companies like LG Chem, SK Chemical and Lotte Chem, which are actively engaged in biopolymer and bioplastic manufacturing," the BoI said.
The BoI attributed South Korea's success in developing its bioplastics industry to strong policy support, collaboration among key companies, robust testing and certification that meet global standards, active consumer engagement, and significant investments.
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