Business World Online
Posted on April 11, 2011 10:33:13 PM
THE TRADE department bagged $42 million worth of investment pledges for energy and manufacturing projects after its recent mission to India, the state agency said yesterday.
The projects include two 20-megawatt (MW) stand-alone liquefied natural gas power plants, (one that will rise in Tawi-Tawi and another in Cagayan), a 1.5-MW mini hydro electric power project in Abra, and a pharmaceutical packaging plant, it said in a statement.
"India is emerging as a source of foreign direct investments for the Philippines," said Trade Secretary Gregory L. Domingo who led the Philippine delegation to the recent Association of Southeast Asian Nations-India Business Fair and Conclave in New Delhi.
Measures are being implemented to assist Indian businessmen locating in the country such as improved business registration procedures, relaxed visa norms for senior executives of information technology and business process outsourcing (BPO) companies and direct flights to New Delhi from Manila recently offered by Philippine Airlines, the department added.
Associated Chamber of Commerce in India (ASSOCHAM) Co-Chairman Shantanu Srivastava said that there are a lot of opportunities to promote cooperation between the Philippines and India in infrastructure, mining, energy, tourism, BPO/IT and agriculture, the press release said.
During the visit, Mr. Domingo also witnessed the signing of memorandum of agreements between the ASSOCHAM and the Philippine Chamber of Commerce and Industry (PCCI), and between the Federation of Indian Mining Industries and the Philippine Chamber of Mining Industries to promote trade, investments and economic relations between the two countries.
Mr. Domingo was accompanied by representatives from the Departments of Tourism, Agriculture and Foreign Affairs as well as the Philippines India Business Council of the PCCI. -- Ana Mae G. Roa
"India is emerging as a source of foreign direct investments for the Philippines," said Trade Secretary Gregory L. Domingo who led the Philippine delegation to the recent Association of Southeast Asian Nations-India Business Fair and Conclave in New Delhi.
Measures are being implemented to assist Indian businessmen locating in the country such as improved business registration procedures, relaxed visa norms for senior executives of information technology and business process outsourcing (BPO) companies and direct flights to New Delhi from Manila recently offered by Philippine Airlines, the department added.
Associated Chamber of Commerce in India (ASSOCHAM) Co-Chairman Shantanu Srivastava said that there are a lot of opportunities to promote cooperation between the Philippines and India in infrastructure, mining, energy, tourism, BPO/IT and agriculture, the press release said.
During the visit, Mr. Domingo also witnessed the signing of memorandum of agreements between the ASSOCHAM and the Philippine Chamber of Commerce and Industry (PCCI), and between the Federation of Indian Mining Industries and the Philippine Chamber of Mining Industries to promote trade, investments and economic relations between the two countries.
Mr. Domingo was accompanied by representatives from the Departments of Tourism, Agriculture and Foreign Affairs as well as the Philippines India Business Council of the PCCI. -- Ana Mae G. Roa
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