powered by FreeFind



PGMA brings home US $2 billion worth of trade and investment from India

AGRA, India -- President Gloria Macapagal-Arroyo left India today for Manila bringing with her more than US$2 billion worth of trade and investment she reaped during her three-day fruitful state visit here. The biggest investment that the President would bring home is the US$1.6 billion investment of Ispat Industries Ltd. for the establishment of the first large steel mill in the country in years to be put up in southern Philippines.

Ispat Industries, owner of Global Steel Philippines, is the country's biggest producer and exporter of various steel products after acquiring the Iligan steel mill of the National Steel Corporation (NSC) for $225 million in 2004. Global Steel now joins the billion-dollar club of investors that include Texas Instruments and AES Corporation of the US, Hanjin Corporation of Korea, and Marubeni Corporation of Japan.

Aside from this, the President also bagged several million-dollar investments from India’s ICT and BPO companies such as Sutherland Global Services, Hinduja Corporation, and WNS Corporation which have committed to set up call centers and training facilities in Manila, Camarines Sur, Iloilo, Davao and other provinces in the country. The President also announced several new investments on energy from Indian companies like Praj Industries which will set up a multi-million dollar bio-ethanol plant in the Philippines, and Kalpataru Power Transmission which would participate in the bidding for the privatization of the National Power Corporation’s transmission grid in December.

In the health and medicine sector, five agreements worth some $170 million were signed between Indian and Filipino private companies, which would assure the continuous supply of low-cost medicines into the Philippines. These include the MOA signed between the Philippine International Trading Corporation and the State Trading Corporation of India for $35 million worth of medicines that would be sold in Botika ng Barangay outlets throughout the Philippines under the President's half-priced medicines initiative. On the diplomatic front, nine bilateral agreements were signed between the Philippines and India following President Arroyo's meeting with India Prime Minister Manmohan Singh and President Pratibha Patil which would strengthen the relationship of the two countries in the areas of trade and investments, health, energy, agriculture, tourism and culture, and defense and security.

In her series of meetings with Indian businessmen, the President was able to secure a commitment from top Indian film producer Aditya Raj Kapoor to produce a movie in the Philippines next year which would pave the way for more collaboration between Filipino and Indian filmmakers. The President was also able to secure an investment commitment from Taj Resorts and Hotels to consider Central Philippines tourism beltway as possible site for its next multi-million dollar hotel and tourism project.

Other investment commitments she bagged are: a $50 million credit line from the Export and Import Bank of India for the financing of supply of gems and jewelry polishing equipment from India to the Philippines; A memorandum of agreement between the Philippines and India for the establishment of an Indian business process outsourcing (BPO) company named Credence Analytics with the Philippines‘ IPVG Corp; PH-India Joint Declaration for cooperation to combat international terrorism and agreement on the establishment of a joint commission on bilateral cooperation.

The Philippines and India also signed memorandum of agreement on the exemption of visa requirements for holders of diplomatic and official passport; memorandum of understanding on cooperation between the Foreign Service Institute of the Philippines and the Foreign Service institute of India. The President and her official delegation toured the world-famous Taj Mahal here this morning and had plenty of photo opportunities in the world heritage site before departing back for Manila



» PGMA brings home US $2 billion worth of trade and investment from India
»$60-M trade agreements signed between PH, India
» Statement of the President: On India's economic growth
Statement of Secretary Ignacio R. Bunye: On cheap medicines
» PGMA backs India's 'Look East' policy
» PGMA invites India pharmaceutical firms to make PH base of export operations
» Summary of Business Calls
» Indian BPO firm to expand operations
» PGMA invites Indian investors to join bidding for privatized government assets
» PGMA looks forward to revival of cultural ties with India
» PGMA rolls out red carpet to Indian investors

Home | About PPH | Contact Us | Site Map | Privacy Policy
© 2007. Popular Publishing House Inc. Designed by Eurasia Arts International