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NEWS UPDATES Asean Affairs       8  February 2011

Manila seeks Indian investors

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THE Philippine government seeks to attract Indian investors during the upcoming meeting between Indian and Asean business leaders, the Department of Trade and Industry (DTI) said. "It is imperative to deepen our bilateral ties with India, whose economic importance in the world stage continues to grow," DTI Secretary Gregory Domingo said in a statement. Domingo would lead the Philippine delegation to the India-Asean Business Fair and Business Conclave 2011 on March 2 to 6 in New Delhi.

"The initiative aims to put the Philippines on the radar screen of the businessmen in India and make them come here and do business with us," the DTI chief said.

Citing Goldman Sachs' forecast, Domingo said India is poised to become the world's second largest economy after China by 2043.

India has the 11th largest economy at $1.24 trillion, and in 2009 had the fourth largest purchasing power parity at $3.53 trillion.

"Cultivating a relationship with India will help enhance long-term complementation between the two countries while also addressing emerging markets for Philippine direct exports," said Domingo.

Johnny Chotrani, Philippines-India Business Council chairman, said Manila's participation would "generate substantive opportunities for Philippine products and services in the Indian market." Filipino companies from the agriculture, food processing, information technology, mining, renewable energy and tourism sectors would showcase their goods and services at the trade fair, while representatives from the DTI and other agencies would brief Indian businessmen on the Philippines' priority investment areas and the incentives granted to investors.

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