MUMBAI - President Gloria Macapagal-Arroyo has invited Indian businessmen to participate in the bidding for state properties under the government’s privatization program.
The President extended the invitation during her meeting Thursday with members of the Confederation of Indian Industries at the Taj Majal Hotel.
"We invite Indian corporations to participate in the bidding for our asset privatization and to invest in Philippine government-owned and controlled
corporations," the President said.
She said the Philippines has cut red tape and liberalized its visa policy to make it easier for investors and visitors to enter the country.
A good example of a privatized government asset is the Iligan Steel Mill in Iligan City which was acquired by India’s Ispat Industries Ltd., owner of Global Steelworks Philippines, for $225 million in 2004.
Before it was privatized, Iligan Steel was operated by the National Steel Corporation (NSC).
Ispat Industries managing director Vinod Mittal paid a courtesy call on the President Thursday afternoon at the Taj Majal Hotel and briefed her on the status of his company's operation in Iligan.
Mittal said they have spent hundreds of millions of dollars in upgrading the Iligan steel mill, already the largest single investment so far of an Indian company in the country.
Ispat Industries' Iligan steel mill, which has an annual output of three million metric tons (MTs), supplies the requirements for cold rolled coils and flat steel products in the Philippines and other countries.