BOI signs promotion deal with Japan group
The Board of Investments (BOI) has partnered with Kyushu Economy International (KEI) to deepen economic ties between the Philippines and Japanese firms based in the Kyushu prefecture.
BOI said in a statement on Friday that it signed a memorandum of understanding (MOU) with KEI, the primary organization for international economic exchanges in Kyushu, Japan.
The MOU aims to promote economic exchange, deepen people-to-people understanding and friendship for mutual economic development in the Philippines and the Kyushu region of Japan.
Under the agreement, both parties will collaborate in the promotion of investments to encourage the establishment and expansion of businesses; information exchange, and provision of support to facilitate inward investments to each other.
BOI Chair and Trade Secretary Ramon Lopez said there were many areas that the Philippines and KEI could collaborate on due to their natural synergies.
He identified 12 priority sectors: electronic manufacturing services; automotive and auto parts; aerospace parts; chemicals; shipbuilding; design-oriented furniture and garments; tool and die; agri-business; the Information Technology and Business Process Management (IT-BPM); transport and logistics; tourism, and construction.
He also said the country could offer Kyushu firms business opportunities in clean energy and electronics products, given the standing of the Philippines as the second-largest producer of geothermal energy in the world.
The same holds true for semiconductors and electronics, which together account for more than half of the country’s total global exports.
“I am confident that this MOU between BOI and KEI will create more opportunities for trade and investment engagements between us,” Lopez said, adding that this could also be a platform for business communities in Kyushu and the Philippines.
KEI chair Yutaka Aso said that the prefecture has fast-growing sectors like semiconductors, automotive, agriculture and tourism.
“The Philippines has a large market with a young labor force. It is one of the most attractive places in Asia with one of the fastest growing economies,” he said.
“It is possible that a company in Kyushu will advance to the Philippines and cooperate with a company to create a new business that Kyushu cannot do and develop it into the Asean region,” he added.
