A new Japanese factory in northwestern Philippines will create at least 10,000 jobs in the area, the country’s trade secretary said on Friday.
Sumitomo Wiring System, a leading global supplier of wiring harnesses and electronic components for the automotive and office equipment industries, is setting up a factory in the city of Binalonan in the Philippines’ Pangasinan province.
“It will not only generate more jobs in the area, but also boost the development of wiring industry as a part of the global value chain,” said Ramon Lopez, secretary of the Philippines’ Department of Trade and Industry.
The factory, which will manufacture products for export to Japan and North America, is the result of one of the 26 business agreements signed by Lopez during President Rodrigo Duterte’s visit to Japan in May last year, according to a statement from the trade department.
During the visit, the Philippines secured business deals worth some $5.9 billion and projects that will create 82,000 jobs in the country, it added.
The new factory will operate under Sumitomo’s subsidiary – Sumi North-Philippines Wiring System – in the Philippines, the company’s ninth unit in the country.
“We are working towards cementing the Philippines’ role as a competitive hub for wiring harness production in the region,” said Dita Angara-Mathay, the DTI’s special trade representative in Tokyo.
“With eight players already operating in the country, we are expecting one more investor from Japan to join this group of foreign investors in wiring harness manufacturing.”
Copyright 2021 Anadolu Agency. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.