MANILA, Philippines - The Philippines and India have renewed their trade and investment ties following recent discussions which sought to forge closer cooperation and strengthen the two countries’ relations.
The Department of Trade and Industry (DTI) said a Philippine team that recently went to New Delhi discussed areas of cooperation with India, including bilateral cooperation initiatives and issues involving trade, investments and improved market access for both countries.
The Philippine delegation included representatives from the Philippine International Trading Corp. and government agencies such as the DTI and the Philippine Embassy in New Delhi.
Meanwhile, the joint secretary of the Department of Commerce of India led a 20-member delegation of officials representing different officers of the Ministry of Commerce and Industry.
“The meeting identified areas of cooperation in coconut (production, processing and commercialization), rice, customs, science and technology, information communication technology, pharmaceuticals, micro, small, and medium enterprises development, and higher education,” the DTI said.
“Both countries also pledged to jointly develop a mechanism for sharing statistical data and to fast-track the development, signing, and implementation of pending memoranda of understanding between the Philippines and India,” the agency added.
Last month, DTI said PTIC New Delhi also organized a business roundtable and executive briefing in cooperation with the Federation of Indian Export Organizations to encourage businesses and industry players in India to explore opportunities in the Philippines.
Indian companies in sectors such as manufacturing, food processing and furniture have so far expressed interest in investing and establishing operations in the country.
Bilateral trade between the Philippines and India reached $1.8 billion for the fiscal year 2014 to 2015 while registered Indian Investment Promotion Agency-approved foreign investments to the Philippines amounted to P1.75 billion last year.