The Department of Trade and Industry (DTI) wants to boost trade and investment opportunities with AEON Retail Co., Ltd., Japan's largest retailer, to strengthen economic ties between the two countries.
Acting DTI Secretary Cristina A. Roque recently met with executives from AEON Retail Co., Ltd. to discuss expanding Manila exports to Tokyo and potential investments by AEON in the Philippine market.
Roque cited the Philippines' growing economy and its potential as a major player in the global food industry, urging AEON to consider further investments in the Philippine market.
AEON Retail Co., Ltd., a leading player in Japan's retail sector, currently imports fresh fruits and vegetables from the Philippines and is looking to diversify its sourcing portfolio to include more processed and value-added products from Filipino small and medium enteprises.
The company has already posted a significant 125 percent increase in sales of Philippine products between 2019 and 2023 and is seeking to expand its sourcing to include products like coconuts, avocados, chocolates, and pili nuts.
Nobuyasu Nanao, Managing Executive Officer of AEON Retail Co., Ltd., expressed interest in increasing imports of food and non-food products from the Philippines.
Additionally, AEON is keen on sourcing "Tatak Pinoy" and One Town One Product (OTOP)-compliant products to feature in their retail stores, showcasing authentic Filipino craftsmanship and supporting local industries.
The DTI field office in Japan, led by Commercial Counselor Dita Angara-Mathay, highlighted the potential for export-ready Filipino MSMEs to have their products featured in AEON's retail stores and shopping malls across Japan.
Plans are also in place for organizing SME missions to Japan, allowing businesses to engage in business-to-business activities with AEON's network of buyers and participate in retailing activities at AEON malls across Japan.
Roque assured AEON of the DTI's support in facilitating sourcing activities in the Philippines and expressed willingness to curate products that meet Japan's quality import standards.
The meeting also discussed potential collaboration in trade shows and exhibitions, with AEON expressing eagerness to participate in trade shows in the Philippines and explore opportunities for showcasing Filipino products from MSMEs.