MANILA, Philippines - The 1.14 billion Indian population is a good market for the Philippines’ food and furniture exports, especially since the demand from the country’s other trading partners are dwindling.
As such, the Bureau of Export Trade Promotion (BETP) of the Department of Trade and Industry (DTI) is inviting exporters to information sessions on the opportunities for the processed food and furniture sector in India, which will be held in Manila and Cebu City.
The sessions will inform exporters and would-be exporters of the vast opportunities in the Indian market for processed food and furniture, which remains basically untapped by Filipino businessmen. India ’s stable business environment and growth potential despite the global crisis could very well be the alternative market for Philippine exports.
The market briefing will be conducted by Vichael Angelo Roaring, commercial attache (CA) of the Philippine Trade and Investment Center in New Delhi.
The Indian market, with its 1.14 billion population, presents a big market with diverse opportunities for Philippine exporters. The Indian market has a booming middle class of half a billion people with an increasing consumption.
The Indian consumer markets are changing fast, with rapid growth in disposable incomes, developing modern urban lifestyles, and emerging trend-conscious consumers, that India has not seen in the past.
The Indian economy continues to expand with its gross domestic product (GDP) growing at 6.7 percent for 2008-2009, making it one of the fastest growing economies in the world and the second fastest in Asia.
The continued economic growth expands the need of India in major sectors such as consumer goods, energy, environment, healthcare, high-tech equipments, infrastructure, transportation, and defense which will exceed billions of dollars.
India is the 21st trading partner of the Philippines in 2008, with total trade amounting to $808.52 million. Philippine merchandise imports were registered at $615.15 million in 2008.
Meanwhile, Philippine exports to India, particularly agro-processed products, manufacturing and information technology services, are expected to increase tremendously with the implementation of the ASEAN-India Free Trade Agreement (FTA).