Philippines targets India’s services sector for mutual cooperation
Philippines targets India’s services sector for mutual cooperation
Mumbai, September 21, 2016: Positioned as an attractive investment hub of the Far East, the Philippines is targeting to increase its current bilateral trade with India pegged at US$ 1.91 billion by reaching out to Indian industry at various forums.
“India can look to Philippines as a secondary location to reach out to US Market for Goods and Services to avail of US GSP privileges and further reap benefits from being part of the ASEAN Markets. Besides, English as the main language of Business for both countries, India and Philippines are also the world’s fastest growing economies and are major players in the Global IT-BPM Value Chain. Tier II companies of India can locate their businesses in the Philippines to avail of a conducive economic and business climate, said Mr. Michael Alfred V. Ignacio, commercial Counsellor, Embassy of the Republic of the Philippines – New Delhi during a Business Round Table: Introduction on Strategic Trade and Investment Opportunities with the Philippines held at the World Trade Centre Mumbai which was jointly organised by All India Association of Industries and World Trade Centre Mumbai.
Mr Ignacio in his presentation highlighted, “India is currently 20th export market for the Philippines and we look forward to tap the unexplored high potential for trade and investment partnership between our countries. Philippines continuous on its path to improve its global competitive ranking and scope for public-private partnership especially infrastructure development, which Indian companies can consider”. Philippines have 345 Economic Zones and enjoy Fiscal and Non fiscal incentives. Our priority sectors includes information and communication technology, automotive components, renewable energy and exploration of market potential for products such as high innovation and design-driven products for the niche market, electronics and semi conductors and education as service.
Mr. Subramanian Krishna Moorthy, Vice Consul Ad Honorem, Honorary Consulate General of the Republic of the Philippines, Mumbai said, “Philippine’s economy is driven mainly by the services sector and India’s strength too lies in this sector, so there is tremendous scope for Indian collaboration in banking and other financial services, telecommunication, tourism, etc. With the establishment of Indo-Philippine Textile Mills, Inc. (Indo-Phil), 14 out of top 15 Indian companies in ICT having set base in the Philippines and GMR involvement in developing the Cebu – Mactan International Airport, similarly there is further scope for such joint ventures.
Mr. Manoj Kedia, CFO, Birla Group said that the company commenced its operation in 1975 and has 76 per cent of women employees. The company provides livelihood to thousand families in the Bulacan area of Philippine. What started with 15 thousand spindles has now grown up to 60,000 spindles supplying 20 per cent of total market share in cotton and acrylic yarn.
Capt. Somesh Batra, Vice Chairman, World Trade Centre Mumbai in his inaugural address said, “India’s Look East Policy is a priority pillar of India’s foreign policy and the favourable developments in Philippines can cover the broad canvas of cooperation and consultations on matters related to foreign policy, defence, trade, tourism, culture and people-to-people relations”. With India’s stress on infrastructure development, Philippines could play a major role in collaborative efforts in ties area.
Photo Caption (L to R): Mr. Manoj Kedia, CFO, Birla Group, Mr. Subramanian Krishna Moorthy, Vice Consul Ad Honorem, Honorary Consulate General of the Republic of the Philippines, Mumbai, Capt. Somesh Batra, Vice Chairman, World Trade Centre Mumbai, Mr. Michael Alfred V. Ignacio, commercial Counsellor, Embassy of the Republic of the Philippines – New Delhi, Mr. Y. R. Warerkar, Executive Director, World Trade Centre, Mumbai.