Philippine Business Delegation calls on FIEO
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Mr. Subhash Mittal, Convenor, FIEO Committee on IT & EP (3rd from left) addressing the meet. Others, from left, are Mr. Ajay Sahai, Director General, FIEO; Ms. Terestia V Berner, Ambassador of Philippines, and Mr. Iric C Arribas, Second Secretary, Embassy of Philippines. |
Philippine Ambassador says that direct investments by Indian entrepreneurs in her country have reached a significant level, covering sectors such as BPO, textile, chemicals, and steel production. Teresita V. Berner, who has recently joined in the Philippine Embassy at New Delhi, informed that Indian marketing executives, finance experts, software developers and management consultants had begun visiting the Philippines on assignments and as consultants discussing business strategies and conducting sales calls. She led the business delegation from Philippines in a meeting organized by FIEO on 18 May at New Delhi.
Identifying the potential areas of investment in Philippines, the Ambassador said that there was an upsurge in foreign direct investments in her country in manufacturing (chemical products, electronics); mining (mineral processing); services (information technology development and business process outsourcing); real estate; financial intermediation; agriculture; and construction.
Earlier, FIEO Convenor (IT & EP) Mr. Subhash Mittal observed that though Indo-Philippines bilateral trade had reached USD 730.16 million in 2005-06, still there was a large scope for expanding the trade between the two countries. Echoing similar views, FIEO Director General Mr. Ajay Sahai while welcoming the delegates said that the share of Philippines in India’s exports was just 0.48% and there was a huge potential to increase this percentage. He further said that India was eagerly looking at a free trade agreement with ASEAN for comprehensive economic engagements with Southeast Asian countries, particularly Philippines.
The delegation was on a visit to India to explore business opportunities in the field of food manufacturing (snack foods, beverage products, fruity juices, soda), garments (nightgown and ladies innerwear), skin care products, jewellery (Philippine South Sea Pearls), logistics (international cargo & freight forwarding services), machinery for making brass shells for shell castings of ammunitions.
Some of the sectors for India’s interest highlighted during the meet were farm machineries and equipment, technology for irrigation, post-harvest facilities and seed production. It was also observed that there was a scope for increasing trade in service sector between the two sides. Visiting delegates revealed that they were looking to forge partnership with Indian businessmen in the field of transport logistics, shipping, BPO and financial services.
