Philippines eyes trade and investments from trillion-dollar India market

Feb. 9, 2011 - PRLog -- The Philippines will participate in the India-ASEAN Business Fair and Conclave to be held in New Delhi, India on 2-6 March 2011. Trade Secretary Gregory L. Domingo will lead the high level Philippine delegation and is expected to address Indian businessmen and government officials during the Business Conclave.

“The initiative aims to put the Philippines on the radar screen of the businessmen in India and make them come here and do business with us,” said Trade Secretary Gregory Domingo, who leads the official government delegation.

“It is imperative to deepen our bilateral ties with India whose economic importance in the world stage continues to grow,” added Domingo.

According to global banking firm Goldman Sachs, India will be the second largest economy after China in 2043. To date, it has the 11th largest gross domestic product (GDP) at US$1.24 trillion, and in 2009 had the 4th largest Purchasing Power Parity (PPP) at US$3.53 trillion.

Undersecretary for International Trade Adrian S. Cristobal Jr. said that cultivating relationship with India “will help enhance long-term complementation between the two countries, while also addressing emerging markets for Philippine direct exports.”

Firms from the private sector will also be joining the mission. Johnny Chotrani, chairman of the Philippines-India Business Council said in an interview, “The country’s participation is envisaged to generate substantive opportunities [for] Philippine products and services into the Indian market. Business networking activities are expected to open avenues for increased collaboration between Philippine and Indian communities for possible joint ventures, strategic alliances, and partnerships.”

As part of the mission, participating business firms from target sectors such as mining, IT and IT-enabled services, tourism, agriculture, food processing, and renewable energy will exhibit their products and services at the Business Fair. A conference is also being organized for Indian investors to learn more about Philippine investment priorities and incentives.

The Philippine participation is a collaboration of the Department of Trade and Industry (DTI), Department of Tourism (DOT), Department of Agriculture (DA), Department of Foreign Affairs (DFA), and the Philippine India Business Council (PIBC).

The Department of Trade and Industry (DTI) is holding the “1st Organizational Meeting and Information Session” on the India-ASEAN Business Fair on February 10 as part of the ongoing preparations to said event.

To know more about the India-ASEAN Business Fair and Conclave and/or to participate, attend the Information Session and 1st Organizational Meeting for India-ASEAN Business Fair on 10 February to be conducted by the DTI International Group, contact:

Ester Rosario, Desk Officer for India, ASEAN/Other Asia Division Bureau of Export Trade Promotion T: 632.890.4752; 632.890.4692 or visit this website: www.citem.gov.ph/iabf2011.

# # #

The Center for International Trade Expositions and Missions (CITEM) is an export promotions arm of the Philippine Department of Trade and Industry.