DTI sees more export opportunities in Japan

Philippine companies are expected to make more than $10 million worth of export sales to Japan, the Department of Trade and Industry (DTI) said on Friday.

This is expected to be realized after the investment forum and business matching sessions organized and held by the DTI and the Philippine Trade and Investment Center in Japan on the second day of President Duterte’s visit to this country.

About 150 Japanese companies involved in manufacturing, automobile, medical, information technology and construction were assisted and linked to 43 Filipino companies for possible partnerships and joint ventures, the DTI said in a statement.

Asked for further details, such as the products and services that would be exported, a representative from the DTI deferred from giving further information, saying that some of the deals were still under negotiation.

The DTI said it had presented to forum participants the Philippine growth story as well as the opportunities both in the industry and services sectors, as the government aims to encourage Japanese business executives to expand their operations in the country.

“We are very keen in engaging with Japan, especially on the aspect of manufacturing and innovation, and how we can work together to strengthen not only the manufacturing sector but also other industries and several subsectors under services,” Trade Secretary Ramon Lopez said.

“We want to identify business opportunities in Japan and the Philippines in areas of mutual interest,” he added.

This is on top of the nearly P300 billion worth of business agreements and letters of intent that were also signed by Philippine and Japanese companies during Mr. Duterte’s visit earlier this week.

The DTI said the forum served as a venue to update Japanese investors on the various government reforms being pushed by the Duterte administration.

These, the DTI said, included improving the ease of doing business in the country, infrastructure development and further opening up of more sectors for foreign equity participation.

The Japanese companies present during the event included Toshiba, Mizuho Bank, Mitsukoshi, Toyota Tusho, Sojitz and Kagima, the DTI said.

Meanwhile, the Philippine business delegation was composed of Philippine Chamber of Commerce and Industry, Philippine Franchise Association, Toyota Motor Philippines Corp., EEI Corp. and DMCI, among others.