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DTI lures Japanese corporations to increase operations in PH

MANILA – Department of Trade and Industry (DTI) Secretary Alfredo Pascual has inspired Japanese firms to additional make investments and increase their operations within the Philippines.

This, as Pascual accompanied President Ferdinand R. Marcos Jr. in his official working go to to Japan, the place they met 11 Japanese corporations concerned in manufacturing of semiconductors, electronics and wiring harness.

In a press release, the DTI mentioned these corporations embody Brother Industries, Ltd., IBIDEN Co., Ltd., Murata Manufacturing Co., Ltd., Seiko Epson Corporation, Nidec-Shimpo Corporation, Japan Aviation Electronics Industry, TDK Corporation, Sumimoto Wiring Systems Ltd., Yazaki Corporation, Yokowo Co., Ltd., and Panasonic Corporation.

Pascual mentioned these firms introduced to the Marcos their present operations within the nation in addition to their future funding plans.

“With the demand expected to grow in the global market, we would like to explore how we can encourage you to expand and upgrade your operations in the Philippines,” Pascual advised the Japanese corporations in a roundtable assembly in Tokyo on Thursday.

He mentioned the dialogue has allowed Japanese firms to precise their considerations in regards to the enterprise surroundings within the Philippines, whereas it additionally turned a platform for Marcos’ cupboard members to current the federal government’s initiatives and reforms to enhance the funding local weather.

Pascual mentioned Japanese firms cited the renewal of the United States Generalized System of Preference (GSP) is vital for his or her funding choices within the nation, because the commerce desire program permits duty-free entry of export items from the Philippines to the US.

The nation’s inclusion within the US GSP expired in December 2020, however Pascual mentioned the Philippine authorities is lobbying with the US authorities for the GSP reauthorization.

He added the Philippines stays an funding hub for the manufacturing of electronics and semiconductors, as this sector continues to be the nation’s prime exporter sharing greater than 50 % of the full merchandise export revenues.

Likewise, the Philippines is the fourth largest exporter of wiring harness on the earth subsequent to Mexico, China and Romania.

Annual gross sales of the sector stood at USD2.3 billion, or sharing 7 % of the full wiring harness being shipped throughout the globe. (PNA)

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