DTI sets Japan visit to attract investors

MANILA, Philippines – The Department of Trade and Industry (DTI) is set to visit Japan later this month to attract more firms to invest in the country.

Trade Secretary Gregory Domingo told reporters he will be in Japan on March 30 to 31 to attend an investment forum being organized by the Philippines-Japan Economic Cooperation Committee Inc.,  the principal group representing Filipino businessmen seeking to promote close and strategic economic and business relations with counterpart Japanese associations.

According to Domingo, about 300 to 500 companies are expected to attend the Philippine  investment  forum.

The trade official is also set to hold meetings with a number of Japanese firms during the visit.

The DTI is organizing trips to other countries to hold seminars and meet with firms in line with efforts to promote the Philippines as an investment destination.

Japan is visited by Philippine trade officials every year as it is considered an important partner.

“Japan is one of our strategic economic partners,” Domingo said.

At present, Japan is the top market for Philippine exports and one of our biggest sources of investments.

In February, a delegation composed of about 100 top executives organized by Japan’s largest business group Japan Chamber of Commerce and Industry (JCCI) visited the Philippines to explore opportunities and forge stronger ties.

Akio Mimura, chairman of the JCCI and head of the organization’s business mission said during his visit that while firms are interested in investing in the Philippines, there are key concerns which need to be addressed.

Among the concerns by Japanese firms are the infrastructure gaps as well as high costs of power and transport.