One of Japan’s biggest general trading firms, Sojitz Corporation, is eyeing to pour investments in the Philippines, particularly in the areas of telecommunications and agriculture.

On Wednesday, the Department of Trade and Industry (DTI) field office in Japan chief, Commercial Counselor Dita Angara-Mathay, reported that Sojitz envisions more investments in cell tower construction and co-location.

Further, Mathay said the company is also eager to contribute to the country’s food security and farmers’ welfare programs through its science-based farming project utilizing, among others, its high-quality NPK (nitrogen, phosphorus, and potassium) fertilizer.

The report was discussed during a meeting of Trade Secretary Alfredo Pascual and representatives from various Philippine government agencies, with Sojitz Corporation executive officer, president and chief operating officer Kosuke Uemura.

Validated interests

The interests were validated by the presence in the meeting of the trading house’s executive officer of Aerospace, Transportation and Infrastructure, Mr. Masakazu Hashimoto; and the executive officer and COO of the Consumer Industry and Agriculture Business, Mr. Hideo Hatada.

The meeting with Sojitz Corporation was said to leverage the company’s established presence in the Philippines, with various investments in fertilizers, mining, food production, and automotive dealerships.

Sojitz Corporation is a leading general trading company in Japan, established in 2003 through the merger of Nichimen and Nissho Iwai. With a presence in over 70 countries, the company is engaged in various businesses, including manufacturing, sales, import/export, and investments across various sectors, such as automobiles, aerospace, energy, and consumer goods.

Enticing Sojitz

Pascual lured the Sojitz official that the Philippine government is creating a business environment that promotes and encourages foreign investment.

“We are enacting recent policy reforms that strategically broaden the participation of foreign companies in key sectors of the Philippine economy,” he said.

Pascual also discussed that the Philippine government is actively working to create a conducive business climate in the Philippines through amendments to key legislation such as the Retail Trade Liberalization Act, Foreign Investments Act, Public Services Act and Renewable Energy Act.

These policy reforms have captured foreign participation in previously restricted sectors, increased foreign direct investments, and accelerated economic growth.

Moreover, the establishment of green lanes for strategic investments has streamlined the investment process.

As of 31 May 2024, the DTI has approved green lane endorsements for 68 projects, attracting $35 billion in investments across various sectors, including manufacturing, digital infrastructure and food security.

VAT incentives

He said the government also acknowledges the concerns raised by foreign investors regarding value-added tax incentives.