The Department of Trade and Industry (DTI) recently received an Indian business mission to the Philippines that intends to explore potential business opportunities, and possibly locate and expand their operations in the country.
During the mission member’s courtesy call, Domingo noted the resurgence of the manufacturing sector in the Philippines, and the growth of capital formation in the gross domestic product (GDP) by 18 percent.
The mission was organized through the Philippine Trade and Investment Center (PTIC) in New Delhi and the Federation of Indian Chambers of Commerce and Industry (FICCI).
Domingo also noted that this mission is his second meeting with the FICCI. The first was during the First India-ASEAN Business Fair and Business Conclave in New Delhi, India in March 2011.
The FICCI is the oldest and largest top business organization in India. The history of FICCI is interwoven in India’s struggle for independence, industrialization, and emergence as one of the rapidly growing economies.
The FICCI has members from India’s corporate sector, including multi-national corporation (MNC), and enjoys an indirect membership of over 250,000 companies from various regional chambers of commerce.
“India is a huge market. The distribution is excellent and you just have to find the right partner,” said Kapil Rampal, deputy head of the delegation and director of the Ivory Education Pvt. Ltd., during the DTI business forum on doing business in the Philippines.
Rampal also mentioned investment interests in pharmaceuticals, bio and thermal energy (From Rampal’s presentation), motorcycles and auto parts, mining, infrastructure, and space and defense related industry.
Rampal added that the possibilities are more than enough, and suggested to look at possibilities of collaboration and be competitive at the global level.
During the business forum, Bureau of Export Trade Promotion (BETP) Director Senen M. Perlada said that both countries can do so much, and noted that Philippine exports to India only accounted for 0.54 percent of Philippine total exports in 2013.
Total trade between the two countries grew by 8.7 percent, export by 8.6 percent, and import by 4.8 percent from 2008 to 2012, according to BETP data.
Perlada also mentioned possible products for promotion in India such as motor vehicle parts, electronic components, sanitary articles of paper (i.e. diaper, toilet paper), personal care products, high-end furniture, and garments.
Likewise, Board of Investments’ (BOI) International Marketing Department Director Angie M. Cayas mentioned the following sectors for promotion to India: public–private partnership (PPP) projects, information technology and business process management (IT-BPM), tourism related investments, and other areas of investments such as the Special Investor’s Resident Visa (SIRV) and the Retail Trade Liberalization Act of 2000, particularly categories B and D.
In an interview, PTIC in New Delhi Commercial Attaché John Paul B. Iñigo said that the delegation is happy, and anticipates another group coming to the Philippines in the next six months.
The 14-member business delegation is composed of companies from sectors such as agriculture, hotel, hospitality, education, infrastructure, airport, food products and textile.
At present, the following Indian companies have presence in the Philippines: Aditya Birla Minacs Philippines Inc., Hinduja Global Solutions Limited, L&T Infotech, Biostadt India, Lupin Ltd., State Bank of India, The New india Assurance Co. Ltd., Wipro BPO Phils. Ltd., Infosys BPO Ltd., Zydus Cadila, Claris Lifesciences Ltd, Tata Consultancy Services, Infosys Technologies, Wipro, Cognizant, HCL Technologies, Genpact Intelenet Global Services, Tech Mahindra, Aegis Ltd. (People Support), WNS Global Services, Syntel Inc., Apatech Ltd., Headstrong, Interglobe Technologies, Virtusa, and Tata Motors.