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Tuesday, July 23, 2024

BOI looks to South Korea for inputs to bioplastics industry roadmap

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The Board of Investments (BOI) concluded a five-day benchmarking activity in South Korea to gather crucial inputs for the formulation of the Philippine Bioplastics Industry Roadmap.

The initiative is part of the “Building Plastic Circularity through Biodegradable Plastic to Ensure Zero Waste in the Philippines” project, a collaboration between the BOI, Global Green Growth Institute (GGGI) and the Korea Export-Import (KEXIM) Bank.

The roadmap, which is expected to be finalized in the fourth quarter of 2024, aims to leverage South Korea’s success in the bioplastics industry to guide the Philippines’ development in this sector.

The delegation, comprised of officials from various government agencies, industry associations and a local bio-bag manufacturer, engaged in lectures, discussions and site visits to gain insights into South Korea’s bioplastics testing, certification, labeling, R&D strategy and investment landscape.

The Philippine delegation learned about the need for enhanced R&D and testing facilities, with the Department of Science and Technology (DOST) taking note of the crucial aspect.

The Climate Change Commission (CCC) committed to developing a policy framework highlighting the role of bioplastics in waste reduction and climate change mitigation.

The BOI said discussions with major Korean companies like CJ Chiljedang, which has invested in biopolymer production in Indonesia, opened avenues for exploring potential investments in the Philippines.

Industry associations like the Philippine Plastics Industry Association Inc. (PPIA) and the Philippine Alliance for Recycling and Materials Sustainability (PARMS) pledged their support for the strategic application of bioplastics in the country.

KEXIM Bank director-general Taekon Kim noted South Korea’s keen interest in potential investment partnerships in bioplastics in Southeast Asia, citing the region’s comparative advantages in biomass and feedstock production.

South Korea’s journey in the bioplastics industry, which began in 1993, has been marked by strong policy support, multi-stakeholder collaboration, robust testing and certification systems and aggressive investments.

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