ARCHIVES
$60-M
trade agreements signed between RP, India
MUMBAI,
India – President Gloria Macapagal-Arroyo witnessed
the signing here Thursday of three trade agreements worth
more than $60 million that are expected to further strengthen
economic ties between the Philippines and India.
Signed in the presence of the President were the Memoranda
of Agreement (MOA) between IPVG Corporation of the Philippines
and Credence Analytics of India; Family Vaccines and Specialty
Clinic (Philippines) and Panacea Biotec Ltd. (India); and
the Joint Venture Agreement between Emcure Pharmaceuticals
Ltd. (India) and Macropharma Corp. (Phils).
The President who, prior to the event, keynoted the Confederation
of Indian Industries meeting at the Ballroom of the Taj Mahal
Palace and Towers, was joined in the signing ceremony by Trade
and Industry Secretary Peter Favila, Agriculture Secretary
Arthur Yap, Foreign Affairs Secretary Alberto Romulo and Energy
Secretary Angelo Reyes.
The agreement between IPVG Corp. and Credence Analytics of
India provides for the establishment of knowledge process
outsourcing facilities for the banking and financial sectors
which represent 30 percent of the total global outsourcing
industry estimated to reach $110 billion dollars by 2010.
The estimated transaction is valued at US$50 million in one
year for IPVG.
IPVG Corp. Chairman Jaime C. Gonzalez and Credence Analytics
(India) Pvt. Ltd. President Vijay Simha signed the MOA for
their respective companies.
IPVG Corp. is a publicly-listed company in Makati City engaged
in businesses relating to information technology, and manages
and operates, among others, a business process outsourcing
(BPO) company.
Credence Analytics is an India-based specialist financial
solutions firm that offers software products and outsourced
services primarily to banking and financial units and businesses.
The MOA signed by Panacea Biotec Ltd. Managing Director Rajesh
Jain and Family Vaccines and Specialty Clinic Inc. of the
Philippines through its Managing Director Jaime Enrique Gonzales
provides for the importation and distribution of medicines
and vaccines leading to the setting up of additional 100 clinics
and providing quality and affordable healthcare to a minimum
of half a million Filipinos.
The estimated transaction value is US$10 million over two
years.
The joint venture agreement between Emcure Pharmaceuticals
Executive Director Arun Kumar Khanna and Macropharma Corp.
President Jose Salvador M. Rivera provides new, effective
and reasonably priced medicines to the Philippines.
Emcure chose to award exclusive marketing rights to Macropharma
because of their similar adherence to current goods manufacturing
practices and to high ethical standards in drug marketing.
Emcure manufactures and distributes pharmaceutical products
and formulations in India and markets the same in the domestic
and international markets.
Macropharma is in the business of marketing and selling of
pharmaceutical products in the Philippines and is desirous
of promoting, marketing and selling the products of Emcure
in the Philippines.
In this agreement, Macropharma will be able to initially
offer drugs in renal diseases, including anti-rejection drugs
for renal transplant and anti-cancer therapy.
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