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Philippines aims to win more investments from India
Publication Date : 27-03-2014
Prospective investors from India are eyeing business opportunities
in the Philippines and are interested in setting up their manufacturing facilities here, according to the Department of Trade and Industry.
In a statement on Wednesday, the DTI said the Indian business delegation, organized through the Philippine Trade and Investment Center (PTIC) in New Delhi and the Federation of Indian Chambers of Commerce and Industry (FICCI), have been looking into investments in pharmaceuticals, bio and thermal energy, motorcycles and auto parts, mining, infrastructure, and space- and defense-related industries.
“India is a huge market. The distribution is excellent and you just have to find the right partner,” said Kapil Rampal, deputy head of the delegation and director of the Ivory Education Pvt. Ltd., was quoted as having said during a recent DTI business forum.
Rampal was further quoted as saying that the Indian business delegation has also been looking into “possibilities of collaboration and be competitive at the global level.”
The 14-member business delegation is composed of companies from sectors such as agriculture, hotel, hospitality, education, infrastructure, airport, food products and textile.
Philippine Trade Secretary Gregory L. Domingo said this was his second meeting with the FICCI, the oldest and largest top business organization in India. The first meeting was in March 2011 during the First India-Asean Business Fair and Business Conclave in New Delhi, India.
The FICCI has members from India’s corporate sector, including multi-national corporations, and enjoys an indirect membership of over 250,000 companies from various regional chambers of commerce.
Meanwhile, Bureau of Export Trade Promotion (BETP) head Senen M. Perlada said that both countries could do so much, as Philippine exports to India only accounted for 0.54 per cent of Philippine total exports in 2013.
Total trade between the two countries grew by 8.7 per cent, Philippine export by 8.6 per cent, and import by 4.8 per cent from 2008 to 2012, according to BETP data.
Perlada also mentioned possible products for promotion in India such as motor vehicle parts, electronic components, sanitary articles of paper (i.e. diaper, toilet paper), personal care products, high-end furniture and garments.
At present, a number of Indian companies already have presence in the Philippines. These companies include Aditya Birla Minacs Philippines Inc., Hinduja Global Solutions Limited, L&T Infotech, Biostadt India, Lupin Ltd., State Bank of India, The New india Assurance Co. Ltd., Wipro BPO Phils. Ltd., and Infosys BPO Ltd.
Also in the Philippines are Zydus Cadila, Claris Lifesciences Ltd, Tata Consultancy Services, Infosys Technologies, Wipro, Cognizant, HCL Technologies, Genpact Intelenet Global Services, Tech Mahindra, Aegis Ltd. (People Support), WNS Global Services, Syntel Inc., Apatech Ltd., Headstrong, Interglobe Technologies, Virtusa, and Tata Motors.