Wal-Mart eyes Asia expansion

Wal-Mart eyes Asia expansion

MANILA (AFX-ASIA): Wal-Mart Stores Inc is seeking to establish a retail firm in the Philippines and possibly make the country its depot for expansion in Asia, Trade and Industry Secretary Manuel Roxas II said.

Roxas said Wal-Mart was encouraged by the imminent entry of the Casino Group of France into the local market via a stake in Uniwide Holdings Inc.

He said President Joseph Estrada met Wal-Mart International president John Menzer during a recent working visit to the U.S.

"Wal-Mart is still negotiating with a potential local partner but they are prepared to come in (on) a stand-alone (basis)," Roxas said, but did not identify the local firm.

Roxas also said representatives of the Wal-Mart group are planning a trip to the Philippines for meetings with local firms.