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  • Writer's pictureBy The Financial District

BBM Cites Japan's Role In Development

President Ferdinand R. Marcos Jr. stated on Sunday that he sees Japan as a major player in the economic development of Southeast Asia, addressing climate change, and adopting new technologies in the region.

Japan is ASEAN’s 4th largest trading partner and the 4th biggest source of the bloc’s Foreign Direct Investments (FDIs).I Photo: Bongbong Marcos Facebok

“I am confident that this partnership will continue to grow and expand with the AJCEP Agreement [ASEAN-Japan Comprehensive Economic Partnership Agreement] and RCEP [Regional Comprehensive Economic Partnership Agreement] in place,” President Marcos said in his intervention during the ASEAN-Japan Commemorative Summit Session Two in Tokyo.

“Furthermore, with the recent addition of the 'ASEAN-Japan Economic Co-Creation Vision' that recommends the future direction of ASEAN-Japan cooperation, we anticipate an even more vigorous economic relation,” the President stated.

“Partners for Co-Creation of Economy and Society of the Future” was the session’s agenda.

All the news: Business man in suit and tie smiling and reading a newspaper near the financial district.

The Philippines, he said, is keen to collaborate with Japan to bring about the initiatives set out in the Future Design and Action Plan for Innovative and Sustainable ASEAN-Japan Economic Co-Creation 2023 – 2033, noting the country’s young, dynamic, and skilled people are certain to play a vital role in shaping this vision on the path towards the Industry 4.0 Economy.

Government & politics: Politicians, government officials and delegates standing in front of their country flags in a political event in the financial district.

As the Philippines is one of the countries most vulnerable to the negative impacts of climate change, he said he encourages new agricultural technologies and the crafting of a climate change-resilient, sustainable, inclusive, and people-centered ASEAN-Japan Strategic Economic Cooperation Roadmap beyond 2025 for the next 10 years.

Concerning sustainable energy security and clean energy use, the Philippines encourages ASEAN Member States and Japan to undertake novel joint ventures to reduce carbon emissions, promote renewable energy, and enhance environmental sustainability.

Business: Business men in suite and tie in a work meeting in the office located in the financial district.

Following the 28th Session of the Conference of Parties to the UNFCCC in Dubai (COP28), he indicated the Philippines’ willingness to host the headquarters of the Loss and Damage Fund Board.

He also welcomed new cooperation initiatives with Japan that facilitate the development of robust supply chain strategies against future disruptions and shocks in the ASEAN region, through diversification, digitalization, and risk management.

Entrepreneurship: Business woman smiling, working and reading from mobile phone In front of laptop in the financial district.

“As the world becomes more interconnected, ASEAN must develop its physical connectivity and digital infrastructure as foundations for sustainable and inclusive economic growth, economic integration, competitiveness, and resilience,” said Marcos, adding that ASEAN and Japan must also expand digital literacy to foster innovation and inclusivity and facilitate the digital transformation of their economies.

Banking & finance: Business man in suit and tie working on his laptop and holding his mobile phone in the office located in the financial district.

“We would appreciate, in this regard, the continued exchange of technological know-how and best practices between ASEAN Member States and Japan and investment in human capital and upskilling through various scholarship programs for ASEAN Member States,” he said.

Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

Japan is one of ASEAN’s most important Comprehensive Strategic Dialogue partners, with the ASEAN-Japan relationship encompassing various areas such as security, trade and investment, food security, climate action, energy security, supply chain resilience, infrastructure development, and connectivity.

Japan is also ASEAN’s 4th largest trading partner and the 4th biggest source of the bloc’s Foreign Direct Investments (FDIs).

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