PRESIDENT Ferdinand R. Marcos Jr.’s official working visit to Tokyo, Japan in February 2023 generated US$620.72 million and US$22.67 million in trade and investment leads, respectively, based on the submitted reports of private sector participants, according to the Department of Trade and Industry (DTI).
According to the Trade department, companies from manufacturing, construction and infrastructure, real estate, communication and information technology, energy, and other fields participated in the event.
“About 600 business meetings were set up, and 118 companies from the Philippines and 597 companies from Japan signed up for the event,” DTI-Export Marketing Bureau (EMB) said in a statement on Wednesday.
According to the export marketing arm of DTI, the activity is part of the ongoing initiatives of the agency’s field office in Japan spearheaded by Philippine Trade and Investment Center (PTIC)-Tokyo Commercial Counsellor Dita Angara-Mathay, to strengthen the Philippines’s and Japan’s economic relations as well as collaboration between the government and the private sector in the promotion of Philippine products and services.
DTI-EMB said key supporters of the initiative included Foreign Trade Service Corps (FTSC) Coordinating Office, the Export Marketing Bureau (EMB), and the Asean-Japan Centre (AJC).
Angara-Mathay pointed to a “growing momentum” in the areas of trade and investment relations between the two countries.
“During the business matching event, which to date is the largest in the history of presidential trips overseas, both government and the private sector acknowledged that there are rising opportunities for economic engagement in areas that are critical to national priorities,” Angara-Mathay said.
In order to pursue the Philippines’s strategy of investment-led export growth, Angara-Mathay noted the country needs to “actively seek out platforms” that promote exchange between the expanding networks.
Apart from the business matching activity, PTIC-Tokyo said it planned a full schedule for the members of the President’s official business delegation during his working visit to Japan.
This, the Japan-based trade center said, included a site visit to Japan’s manufacturer of the world’s smallest compact satellite in orbit, participation in the signing and exchange of business agreements, whose project value reached US$13 billion.
It added that this is the “largest” business forum that attracted close to 800 attendees and two major networking activities with portfolio and foreign direct investors, “all with the end goal of continuing and cementing dynamic bilateral relations of the Philippines and Japan.”
Image credits: Kimimasa Mayama/Pool Photo via AP