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; RP-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
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$2 billion worth of trade and investment from India
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