DTI's Indian mission raises $42-M investments

MANILA, Philippines - The Department of Trade and Industry (DTI) reported yesterday that its trade mission to India brought home $42 million worth of investments from three energy projects and a pharmaceutical packaging plant.

The energy projects include two 20-megawatt stand-alone liquefied natural gas (LNG) power plants in Tawi-Tawi and in Cagayan as well as a 1.5-megawatt mini hydro electric power project in Abra.

“India is emerging as a source of foreign direct investments (FDIs) for the Philippines. Apart from BPO companies which are directed by their principals to open delivery centers in the Philippines, more Indian companies are continuing to realize the potential of the Philippines as a gateway to the lucrative ASEAN market,” Trade Secretary Gregory L. Domingo said.

Domingo said that the DTI is working on several initiatives for Indian businessmen locating in the country which include the improved business registration procedures - and relaxed visa norms for senior executives of IT and BPO companies. He also announced the recently inaugurated direct flights from Manila to New Delhi of the Philippine Airlines.

Likewise, Domingo witnessed the signing of a memorandum of understanding (MOUs) between the Associated Chamber of Commerce in India (ASSOCHAM) and the Philippine Chamber of Commerce and Industry, and between the Federation of Indian Mining Industries and the Philippine Chamber of Mining Industries represented by Philip Romualdez, to promote trade, investments, and economic relations between India and the Philippines.

Shantanu Srivastava, co chairman of ASSOCHAM of India said that there are immense opportunities to initiate and promote mutually beneficial cooperation initiatives between India and the Philippines, specifically in the following industries: infrastructure, mining, energy, tourism, BPO/ITES, and agriculture.

In the context of current global and regional economic environment and with deepening relations between India and the rest of ASEAN, the potential for India-Philippines trade has increased considerably. India’s “Look East Policy” aims to increase trade relations with Asian nations.