DTI chief off to Japan, South Korea for talks

MANILA, Philippines – Trade Secretary Ramon Lopez is bound for South Korea and Japan in the coming weeks to meet with potential investors and ensure strong Philippine trade relations with the two Asian economic heavyweights.

For his South Korea trip, this week the country’s trade chief said he is set to attend a conference on investment opportunities in the Philippines and conduct “side meetings” as well.

He said there is also likely to be several “show of commitment” signings there.

In Japan, Lopez has been invited to be a speaker in a Bank of Tokyo event. Lopez said he would also be meeting two to three potential Japanese investors.  

The Department of Trade and Industry (DTI) is currently embarking on a new industrial strategy that would revive the country’s manufacturing sector and accelerate further its growth in the coming years.

Japanese and Korean industries which are renowned globally are seen to be key players in helping the country achieve its dream to revive the manufacturing sector.

DTI’s new strategy would focus on industries where the Philippines has existing and potential comparative advantage to generate employment and promote entrepreneurship.

The five priority industries are manufacturing, agribusiness, information technology-business process management, tourism, and infrastructure and logistics.

Japan serves as the country’s largest trade partner with over $18 billion in total trade.

South Korea, meanwhile, is the seventh top business partner of the Philippines with $6.8 billion in 2015.

Based on the investment pledges approved by the Board of Investments in the 11 months ending November this year, Japanese investors have so far committed P6.83 billion worth of projects while South Korean investors have pledged projects worth P6.42 billion.

Both Japan and Korea are also part of the Regional Comprehensive Economic Partnership (RCEP) which ASEAN-member economies are seeking to finalize next year.

The RCEP is a proposed free trade agreement between ASEAN (Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei Darussalam, Vietnam, Laos, Myanmar and Cambodia) and Australia, New Zealand, India, Korea, Japan and China.

These economies account for about 30 percent of the world  economy and half of the world’s population.