Philippines requires manpower for textiles industry

04 Oct '07

4 min read

"We invite Indian companies to invest in the Philippines government's owned and controlled co-operations. We are bullish on 21st century India and we look forward to the opportunity of learning more from your knowledge-driven development", she said.

Earlier in the day, H E Peter Favila, Minister for Trade and Industry, Republic of Philippines, said Indian interests in the Philippines are on the rise, with debt-levels now on the decline.

Philippines is strategically located in Asia and is a critical entry point for 500 million people from the ASEAN market. India's biggest investment in Philippines is in steel. The minister added that Philippines has the required manpower for the textiles industry.

H E Arthur C Yap, Minister for Agriculture, Republic of Philippines, said that Philippines is one of the largest countries in South East Asia and agriculture forms 17% of the GDP. India and Thailand , for instance, have proved that tropical countries too can create a conducive atmosphere for the dairy markets too.

According to Banmali Agrawala, Deputy Chairman, CII (Western Region) & MD, Wartsila India ltd, Indian Economy is on an all time high with a GDP growth of 9.4% during 2006-2007.

The sectors attracting investments by Corporate India include metals, pharmaceuticals, industrial goods, automotive components, beverages, cosmetics, energy, telecommunications, software, financial services.

On the other hand, the economy of Philippines has been very conducive to rank it among one of the fastest emerging markets in Asia. Agrawala opined that that there is immense scope for cooperation between Indian and Philippine companies in the IT sector.

Also, India exported about US$ 31 million of pharmaceuticals in 2005-06 as compared to US$ 23 million in 2004-05. Philippines has rich mineral resources. Some Indian companies are exploring the prospects of joint ventures in mining.

During the business session, In his welcome address, Maitreya Doshi, Chairman, CII International Trade Sub Committee (Western Region) & Vice-Chairman and MD, Premier Ltd opined that the cumulative investment from Philippines is $ 52 mn. "We at CII think that this is the time to foster new co-operations between the two countries", he said.

Memorandums of co-operation were also signed between 3 Indian and Philippine companies, namely, between:
- Emcure Pharmaceuticals( India ) - Macro Pharmaceuticals (Philippine)
- Credence Analytica( India ) – IPVG Corporation (Philippine)
- Panacea Biotec( India ) – Family Vaccine & Speciality Clinics (Philippine).

Confederation of Indian Industry

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