The Philippines and Japan advanced industrial partnership after the two signed an Industrial Cooperation Action Plan.
Department of Trade and Industry (DTI) Undersecretary Adrian Cristobal Jr. and Japan Deputy Director-General for Trade Policy Toshiyuki Sakamoto signed on Thursday the Industrial Cooperation Action Plan as part of the commitment of the two countries to strengthen economic ties.
The development follows the discussion of President Benigno Aquino 3rd and Prime Minister Shinzo Abe in Japan when the former had a state visit in latter’s country last month.
The Industrial Cooperation Action Plan will enhance collaboration of the Philippines and Japan in areas such as manufacturing, automotive industry, micro, small, and medium enterprises (MSMEs), services, and human resource development.
The action plan aims to identify and address supply chain gaps through technical and institutional capacity building.
“The Philippines and Japan have a longstanding partnership in fostering economic development in the country. Japan contributes to our efforts in sustaining our socioeconomic growth as it continues to be a rich source of knowledge and experience in industry development and SME-centered policies and initiatives. These will help our initiatives in identifying gaps and designing measures that are in-line with our APEC (Asia Pacific Economic Cooperation) Boracay Action Agenda to Globalize MSMEs,” said Cristobal.
In July 2014, DTI Secretary Gregory L. Domingo and Minister of Economy, Trade and Industry Toshimitsu Motegi signed a Joint Statement on Industrial Cooperation assuring Japan’s support to DTI Industrial Development Roadmap.
Japan remains one of the top investors and trade partners of the Philippines.