$10-M in potential sales seen from Japan talks
Credit to Author: TYRONE JASPER C. PIAD| Date: Fri, 31 May 2019 16:23:09 +0000
THE Department of Trade and Industry (DTI) sees potential sales of more than $10 million (P52.26 million) from possible export orders and deals raised by talks between Filipino and Japanese companies during an investment forum and business-matching sessions held on Thursday.
In a statement on Friday, the Trade department said about 150 Japanese firms from the manufacturing, automobile, medical, information-technology and construction sectors talked with 43 Filipino companies on potential partnerships and joint ventures during the Philippine Business Forum and Business Matching event on the sidelines of Nikkei’s 25th International Conference on the Future of Asia.
A total of 120 business meetings were held during the event, it added.
Among the Japanese companies who participated were Toshiba, Mizuho Bank, Mitsukoshi, Toyota Tusho, Sojitz and Kagima. Filipino firms and groups that made up the local delegation included the Philippine Chamber of Commerce and Industry, Philippine Franchise Association, Toyota Motor Philippines Corp., EEI Corp., DMCI Holdings Inc., First Asia Venture Capital, Manila Electric Co., Vista Land and Lifescapes Inc,. and Magsaysay People Resources Corp.
“We are very keen in engaging with Japan, especially on…manufacturing and innovation, and how we can work together to strengthen not only manufacturing, but also other industries, as well as several subsectors under services,” Trade Secretary Ramon Lopez said in the statement.
During the forum, Lopez talked about the Philippines’ positive economic developments recently, including the upgraded “BBB+” credit rating it received from S&P Global Ratings, as well as various government-led reforms and efforts, including facilitating the ease of doing business in the country and relaxing foreign-ownership rules.
The investors, he said, were also banking on the country’s “educated English-speaking workforce, the demographic sweet spot that presents a growing consumer base with better purchasing power and wider market access through preferential trade agreements with United States and European Union.”
The forum and matching sessions were held during President Rodrigo Duterte’s four-day state visit to Japan, where Manila and Tokyo signed 26 business agreements worth over P288 billion this week. These are expected to generate 82,737 jobs.
In a separate statement also on Friday, Lopez said these deals were expected to boost the different manufacturing sectors, including car, wire harness, printers, medical devices and electronics.
“These investments will help expand our manufacturing base and increase our high-value exports,” he explained. “More important, these companies will employ thousands of Filipinos and help them [improve] the quality of their lives.”
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