RPINDIA ARCHIVE
PGMA
backs India's 'Look East' policy
MUMBAI, India -- President Gloria Macapagal-Arroyo said today
that the Philippines supports India's "Look East"
policy that could open more opportunities for cooperation
and integration between their economies.
Speaking before Indian businessmen at the Taj Majal Hotel
here, the President said that India, now the world's fourth
largest economy, has made impressive economic strides in recent
years.
"India is becoming an undeniable driving force behind
global economic growth. Because of the growing market of India
and China, growth in Asia is transitioning from being export-driven
to being domestically-driven," she said.
“We are delighted with the growth of India, along with
China, to add to the power of Japan in the region,”
the President said, adding that the Philippines benefits from
this growth.
She said India’s awakening can only lift up the Philippines.
“This is a positive healthy development. We welcome
the economic growth of India.”
The President said India's ascendance to the world economic
stage has political, economic and strategic implications for
both India and the East Asian region.
"That is why we support India's ‘Look East’
policy and your plans to integrate with both South Asia and
Southeast Asia. We hope this policy will include greater economic
integration between the Philippines and India," the President
said.
She expressed the hope that there will be greater integration
between the two countries through closer political, economic
and security engagements, and cooperation in tourism and movie
production.
Aside from being the Philippines’ biggest supplier
of half-priced medicines, India is also into textile, business
process outsourcing (BPO) and steel in the country.
The President said her state visit here to entice more investments
reciprocates the state visit of Indian President Abdul Kalam
to the Philippines in 2006, and the participation of Prime
Minister Manmohan Singh in the East Asian Summit held in Cebu
last January.
"We hope these three visits coming one after the other
will lead us toward closer political security and economic
engagement," the President said.
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