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JAPAN - A total of eighteen business agreements were recently signed (30 October, 2017) during the sidelines of President Rodrigo Duterte's working visit to Japan, bagging total investments pledges of USD 6 billion (PHP 300 billion).

"The growing number of Japanese corporations, interested in partnering with Philippine enterprises, shows the value proposition of the country as a favored destination for Japanese Foreign Direct Investments (FDIs)," said Department of Trade and Industry (DTI) Secretary Ramon Lopez, who witnessed the exchange of business agreements with President Rodrigo Duterte.

DTI Secretary Ramon Lopez received Letters of Intent (LOIs) from the several Japanese companies who are keen on expanding operations in the Philippines, namely: Marubeni Corporation for power, railways and water projects; Sumitomo Metal Mining Co. Ltd. for mineral processing; Taiheiyo Cement Corporation for plant and production related infrastructure expansion projects; Tsuneishi Shipbuilding Co. Ltd. for medium-sized marine vessels manufacturing; Ministop Co. Ltd. and Lawson for HR training programs and outlet expansion in the Philippines; and Itochu Corporation for investments in agricultural equipment, bananas and pineapples production, and irrigation projects.

Japan Tobacco Inc., likewise stated its interest to further expand Philippine operation and contribute to the Department of Finance's (DOF) improved revenue collection program.
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 (Source: DTI Website)

 Date Posted: November 06, 2017