India and the Philippines are in discussions to establish a Preferential Trade Agreement (PTA) aimed at broadening the scope of goods exchanged between the two nations. The Philippines Ambassador to India, Josel F. Ignacio, highlighted the increasing bilateral trade, which has surged past the US$3 billion mark in 2023 and is now nearing US$4 billion.
Ambassador Ignacio noted the successful operations of several Indian companies in the Philippines, particularly in sectors like information technology, business process management, pharmaceuticals, and infrastructure. He encouraged more Indian businesses to explore opportunities in the Philippines due to the improving business environment and investment incentives available.
Moreover, Philippine companies are actively investing in India, especially in renewable energy and the food sector. Both countries anticipate more business delegations visiting each other in the upcoming months to bolster their economic partnership further. Ambassador Ignacio praised Prime Minister Modi for the transformation of India and expressed full support for India’s developmental goals.
The Ambassador emphasized the importance of India’s Semiconductor Mission, applauding the bold vision of the Indian government under Prime Minister Modi. He highlighted the Philippines’ significant role in the global semiconductor supply chain and its aim to advance in the semiconductor value chain. Ambassador Ignacio underscored the potential for cooperation between India and the Philippines in the semiconductor sector, leveraging each other’s strengths.
India and the Philippines share common priorities such as economic prosperity, connectivity, rule of law, food security, energy security, and digital public infrastructure. The Ambassador highlighted the improving people-to-people relations between the two countries, with increased tourism supported by direct flights and relaxed visa policies. These developments signify a strong foundation for future growth in the bilateral relationship.
