KUALA LUMPUR – Department of Trade and Industry (DTI) Secretary Ramon Lopez identified Philippine (PH) trade and investment opportunities for Indian companies during the 3rd ASEAN-India Business Conference on 27 November 2018.
The country’s trade chief highlighted potential industries that both PH and India can explore and enhance their cooperation. These include information and communication technology (ICT); telecommunications; automotive parts and components; pharmaceuticals; and Public-Private-Partnerships (PPP) in infrastructure development, including energy and power. He also relayed PH’s intention to explore potential markets for high-innovation and design-driven products, electronics and semi-conductors, hospitality, and education.
“The Philippines is seeking to capitalize on the Indian Government’s Act East policy, which focuses on strengthening trade and investment relations with its East Asian neighbors. We are also in a unique and strategic location as an entry point for Indian businesses to enter the Philippines and ASEAN market,” said Sec. Lopez to over 400 corporate leaders, government officials from ASEAN countries and India, as well as foreign business associations and representatives of high commissions and embassies in Malaysia who attended the conference.
“The opportunities are numerous between the Philippines and India, especially with both countries experiencing robust economic growth, there’s good ground for many industry complementation,” the trade chief added.
Sec. Lopez, who served as speaker during the ministerial session themed, “Facilitating Stronger ASEAN-India Trade and Investment Policies”, also identified potential trade and investment opportunities between ASEAN and India, specifically areas involving pharmaceuticals, automotive, manufacturing, textile, and business process outsourcing.
“The ASEAN-India collaborations have started to prosper. It is in the right direction but definitely there’s still a big room for improvement. A strengthened partnership between ASEAN and India can give SMEs a larger free trade area to work with as we make them part of the global value chain,” said Sec. Lopez.
ASEAN’s merchandise exports to India were valued at USD 45 billion in 2017, accounting for 62% of bilateral merchandise trade. ASEAN’s imports from India amounted to USD 28 billion, or 38% of the total. For PH, India stood as its 14th top trading partner—18th export market and 14th import supplier in 2017, with merchandise trade between the two countries amounting to USD 2.2 billion.
The DTI chief also shared the concept of inclusive globalization, an advocacy of President Rodrigo Duterte that promotes inclusive growth among smaller member-nations, and the internationalization of micro, small, and medium enterprises (MSMEs).
According to Sec. Lopez, “It is important to ensure that in everything we do, there is a conscious effort to empower and capacitate the weak and vulnerable to spread the gains of those who have benefitted from globalization, to those who have less. We need to work together to ensure that trade and globalization benefits our people towards peace, progress, and lead to shared prosperity for all.” ♦
Date of Release: 28 November 2018