India pledges USD1.25-B in investment deals to the PH

India pledges USD1.25-B in investment deals to the PH

President Rodrigo Roa Duterte’s first foreign trip for 2018 can already be called a success even if it has not started.

Duterte is one of the ten chief guests during India’s Republic Day celebration in New Delhi. Duterte along with the other nine Association of Southeast Asian Nations (ASEAN) leaders were invited for the special commemorative summit.

The President on the sidelines of the ASEAN-India Commemorative Summit 2018, had a bilateral meeting with India’s Prime Minister Narendra Modi and was all business in expanding the two nation’s economic relationship with each other.  *
Indian Prime Minister Narendra Modi(L) and Philippine President Rodrigo Roa Duterte, the former welcoming the latter as one of his chief guests of the ASEAN-India Commemorative Summit in New Delhi( Photo credit Malacañan PCOO)


Presidential Spokesperson Harry Roque  who is part of the lean delegation headed by the President said investment pledges and agreements from Indian firms reached a total of USD1.25 billion, which are expected to generate thousands of jobs for Filipinos.

"The truth of the matter is, even before the start of the ASEAN-India [Summit], DTI has already facilitated USD1.250 billion in new investments in the Philippines," Roque said during an official press briefing at the ASEAN-India Commemorative Summit 2018.

The Department of Trade and Industry (DTI) through its head Ramon Lopez announced that it has obtained at least nine (9) investment pledges and agreements from top Indian companies, which are expected to strengthen the Philippines’ economic relationship with the South Asian country.

Ramon Lopez’s team had a series of meetings at the sidelines of the summit to discuss and explore investment plans with major Indian conglomerates that intend to either expand or begin their operations in the Philippines.

“We had basically about nine agreements with them on how… we can both expand and strengthen our trade and investment relationship," said Lopez.

“I will tell you that it is emerging to be a substantial commitment on the investment side as well as job generation side,” he added.

In the field of pharmaceutics, information technology, energy, tourism, medical wellness and business processing management are the areas of the investment pledges that the Philippines were able to secure.   *

The DTI Secretary said the government primarily wanted to prioritize pharmaceutics and business outsourcing as areas of cooperation with India, since the country is known to excel in both industries.

He said this was “aligned with what the president intends to achieve in this visit – to strengthen the trade on pharmaceuticals to ensure that the Filipinos will have better, easier access to affordable quality drugs.”
Report from PNA


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