NextGen Day

MANILA, Philippines – Secretary of the Department of Trade and Industry (DTI) Ramon Lopez has praised the Asia-Japan Investing for the Future Initiative, which aims to boost investment cooperation in Asia.

Lopez said the Japan-led project is likely to assist Southeast Asian nations’ post-pandemic recovery efforts, speaking at the 47th Asean-Japan business meeting on Thursday.

The Asia-Japan Investing or Future Initiative, launched in January by Japan’s Minister of Economy, Trade, and Industry, aims to boost regional investments in supply chains, connectivity, digital innovation, and human resources.

The program intends to increase the region’s appeal as a global supply chain hub and to improve Asia’s sustainability by addressing social concerns through innovation.

“The Covid-19 pandemic (coronavirus disease 2019) has created enormous social and economic disruptions in the region, affecting people’s health, livelihoods, and economic activity.” In his keynote speech, Lopez stated, “There is a need to take a joint course of action to develop and enhance economic cooperation to lessen the impact of the epidemic and usher in recovery efforts.”

The trade chief also said that Japan has been Asean’s main trade and investment partner for 44 years, with the Regional Comprehensive Economic Partnership likely to deepen economic ties (RCEP).

“The RCEP will aid in the restoration of business confidence and the expansion of economic activity, notably for MSMEs (micro, small, and medium enterprises), investors, service providers, and professionals.” “This is an important step forward in deepening Asean-Japan cooperation, which is based on assuring economic development and growth for our peoples,” he added.

Lopez also expects RCEP to boost bilateral trade between the Philippines and Japan, as the DTI works to complete the regional free trade agreement’s ratification process.

“The Philippine government continues to place a high priority on the Regional Comprehensive Economic Partnership (RCEP), as it is a vital tool for sustaining economic growth and attracting investments to the country. Furthermore, trade agreements like the Regional Comprehensive Economic Partnership (RCEP) will be critical in reestablishing our supply lines and ensuring that even our smallest businesses participate in global value chains,” he stated.

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