Japan has committed to support the Philippines’ initiative to further enhance its industrial competitiveness and become a hub for manufacturing and human resources development in the Asean region.
This was expressed by Toshimitsu Motegi, minister of the Japanese Ministry of Economy, Trade and Industry (Meti) during a meeting with Trade Secretary Gregory L. Domingo, who, in turn, has also committed to further deepen the country’s economic relationship with Japan.
In a joint statement, the DTI and Meti said they welcomed the first Industrial Cooperation Dialogue between the Philippines and Japan held last month, during which both sides have resolved to prioritize a number of issues and industries.
On the automotive front, both sides will consider measures to develop supporting industries in the Philippines for both the domestic and regional markets, as the government moves to craft and implement policies that will push automotive manufacturing here.
For services, both countries are expected to further explore the competitiveness of the Philippines’ service industries as a regional hub for human resources development and training center, building upon the operation of private companies, including the Japanese firms.
Both sides will also further enhance cooperation including the business-matching conducted under the Small and Medium Enterprise Working Group under Asean Economic Ministers-Meti Economic and Industrial Cooperation Committee (AMEICC).
Both sides have also agreed to develop an action plan to enhance the bilateral industrial cooperation, and for the two countries to continue to discuss and review the progress of these plans.
Meanwhile, both Japan and the Philippines have reaffirmed further cooperation in the multilateral and regional frameworks such as the Asia-Pacific Economic Cooperation (Apec), Asean-Japan Strategic Economic Cooperation, including Asean-Japan Comprehensive Economic Partnership Agreement (AJCEP), Regional Comprehensive Economic Partnership (RCEP), and the World Trade Organization (WTO).
Both Japan and the Philippines noted achievements made under the Sub-Committee on Improvement of the Business Environment of the Philippines-Japan Economic Partnership Agreement (Pjepa), particularly in helping ease doing business in the country.