CHENNAI — Enterprises from India’s economic powerhouse southern provinces are raring to explore commercial and investment opportunities in the Philippines.
This was the overwhelming sentiment at the Executive Session on Doing Business with the Philippines hosted by the Southern India Chamber of Commerce and Industry (SICCI) on 05 August at the Hotel Hyatt Regency in Chennai.
In attendance were around 60 representatives of SICCI-affiliated enterprises. Keynoting the forum, Philippine Ambassador to India Josel F. Ignacio cited parallels underpinning the prospects for heightened Indian business stakes in the Philippines, such as a democratic and free market orientation, skyrocketing economic growth, and demographic dividends from large, young and talented populations. Philippine Commercial Counsellor Eugenio D. Elevado Jr. reported on the steady rise of the Philippine economy and promising sectors where Indian companies could realize substantial growth and returns.
Embassy Economic Officer Melissa Anne M. Telan presented on the Philippine agricultural sector, in terms of market opportunities for Indian produce, as well as openings for agro-industrial investments and technology introduction.
She then segued into a presentation on the Philippine tourism landscape and hospitality sector, citing the need to fill the country’s demand for tourism infrastructure.
The open forum reflected high Indian interest in the Philippines, as the Embassy officials fielded a flurry of queries from participating companies.
A highlight was SICCI’s launch of its Country Report on the Philippines, “India-Philippines Bilateral Relations: Road Ahead”. President Arul Alagappan ceremonially presented copies to Ambassador Ignacio and the Philippine Honorary Consul General in Chennai, prominent industrialist Ashwin Muthiah.
The trade and investment forum was conceptualized by the Philippine Embassy and the Philippine Honorary Consulate General in Chennai in partnership with SICCI also in conjunction with the ongoing commemoration of the 75th Anniversary of Philippines-India diplomatic relations.
“We staged this forum in Chennai and its home state of Tamil Nadu in recognition of this part of India as engine of the country’s rise as world’s fifth largest economy”, said Ambassador Ignacio. “We will build on the Forum to further drum up the Philippines as investment destination of choice for Indians”. END
