Philippines seeks investment from Japan
Philippine President Rodrigo Duterte has called on Japanese firms to pour more investment in infrastructure, agriculture and other sectors in his country, affirming that Japan is a longtime ally of the Philippines.
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During his speech delivered at the Philippine Economic Forum held by the Japan External Trade Organisation and other groups in Tokyo on October 26, a day after he arrived in Japan for a three-day visit, Rodrigo Duterte said economic cooperation is one of the topics during his talks with Chinese leaders during his visit to China last week.
At the forum, which saw the participation of about 1,000 Japanese entrepreneurs, Philippine officials sought more Japanese investments in such areas as manufacturing, infrastructure, agriculture and energy.
Charito Plaza, director general of the Philippine Economic Zone Authority, disclosed that Manila will explore new types of economic zones, including a dedicated defence industrial zone.
The Philippines is encouraging and inviting investors to take interest in military equipment, software, arms and munitions, Plaza said, adding that this can help her country modernise its armed forces and improve defence capability.
The Philippines has achieved an average GDP growth of over 6% in recent years, making it a promising economy in the next decades.
Two-way trade between the Philippines and Japan stood at US$19.5 billion in 2014 and US$18.67 billion last year, according to the Philippine government’s statistics.
