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Business

DTI backs stronger trade, investment ties with India

Louella Desiderio - The Philippine Star

MANILA, Philippines — The Department of Trade and Industry (DTI) is pushing for stronger trade and investment ties between the Philippines and India by tapping opportunities in the manufacturing and information technology (IT) sectors.

In a statement yesterday, the DTI said Trade Secretary Ramon Lopez discussed trade and investment opportunities available for Indian companies in the country during the virtual courtesy call of India Ambassador to the Philippines Shambhu Kumaran last Monday.

Lopez said the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act which was recently signed into law offers opportunities for Indian manufacturing companies planning to do business in the Philippines.

CREATE will bring down the country’s corporate income tax rate and modernize the incentives system.

Lopez said the Philippines may serve as a complementary site for India’s production of active pharmaceutical ingredients, vaccines, essential medicines and biologicals.

He also said there are opportunities in the country’s data centers and other related IT infrastructure.

Local telecommunication companies may also serve as India’s potential partners.

Kumaran, meanwhile, said Indian firms are interested in entering jeepney manufacturing and the electronic manufacturing industry.

He also said India wants to learn about geothermal energy from the Philippines as part of its objectives to further renewable energy trade plans.

With the Philippines part of the Regional Comprehensive Economic Partnership (RCEP) agreement, the officials discussed how Indian firms could use the country as a gateway to participate and take advantage of the benefits of the trade deal.

India withdrew from the RCEP negotiations in 2019.

DEPARTMENT OF TRADE AND INDUSTRY

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