Philippines seeks increase in bilateral trade with India

Chennai: The Philippines has expressed interest to enhance cooperation with India in sectors such as agriculture, renewable energy, science and technology, education and defence.

In an interactive session with members of the Southern India Chamber of Commerce & Industry (SICCI), Chennai on Thursday, Ambassador of Philippines for India and Nepal Ms Maria Teresita C. Daza said that her country would encourage investments in areas like infrastructure and Information-Communication Technology (ICT) and also increase bilateral trade with India.

“Bilateral trade between Philippines and India was $1.25 million in 2014 and investment promotion agencies approved investment from India was $ 14.6 million in 2014. India is the 20th export market for our country,” she said.

Pointing out that her country likes to strengthen operations with India in the field of education too, Ms Daza said that many Indian students come to the Philippines for several programmes, including medicine course because of its good quality and affordability.

Listing out that the Philippines had high growth accompanied by low and stable inflation at 4.1 per cent, the ambassador invited more Indian companies to invest in the country.

Somi Hazari, executive committee member of SICCI said the central government has laid emphasis on a change from a “Look East” policy to “Act East”— building stronger economic, political and security ties with the ASEAN nations.

 

 

Download the all new Deccan Chronicle app for Android and iOS to stay up-to-date with latest headlines and news stories in politics, entertainment, sports, technology, business and much more from India and around the world.