THE Department of Trade and Industry (DTI) said it is seeking to attract more Japanese pharmaceuticals and life sciences investments, while also inviting more Japanese participation in modernizing Philippine agriculture.
In a statement on Thursday, the DTI said its Philippine Trade and Investment Center (PTIC) in Osaka and the Board of Investments held a roadshow for potential investors on Nov. 18.
The PTIC is also seeking to attract investment in auto and electric vehicle manufacturing, innovation and research and development, and infrastructure development.
The PTIC added that it met with firms based in the Kansai region involved in making precision metal parts and components, high-end garments manufacturing, precision plastics and components, and software.
According to the PTIC, its investment promotion efforts are also being directed at small and medium enterprises, which account for 99.7% of all companies in Japan. Many of these firms belong to the supply chains of larger groups.
“This is particularly important as there is a pressing need to significantly improve the country’s manufacturing supply and value chain ecosystem to support the presence of major manufacturing conglomerates already operating in the country, as well as to attract the entry of new players and reduce dependence on imports in the sourcing of manufacturing imports and raw materials,” the PTIC said.
The Philippine Statistics Authority lists Japan as having the third-most approved foreign investments in the Philippines in the second quarter with P6.51 billion. The Netherlands posted P19.04 billion and Singapore P15.89 billion during the period. — Revin Mikhael D. Ochave