BIZ BUZZ: India, Philippines enhance ties that bind

More business ventures are coming our way following a renewed partnership between the business groups of the Philippines and India.

On the sidelines of President Marcos’ state visit to India, the two business groups—the Federation of Indian Chambers of Commerce and Industry and the Federation of Indian Chambers of Commerce Philippines Inc.—renewed their memorandum of understanding aimed at enhancing trade and investment opportunities.

According to the Department of Trade and Industry (DTI), the groups are banking on a similar accord signed in 2019 to advance trade missions, exchange information and facilitate partnerships between Filipino and Indian enterprises.

“This partnership is a strong symbol of the growing economic ties between the Philippines and India. It reflects our shared commitment to advancing trade, promoting investment, and creating more opportunities for collaboration between our business communities,” Trade Secretary Cristina Roque said in a statement on Thursday.

The DTI said that this renewed collaboration will help position the Philippines as a strategic hub for manufacturing, service and technology-driven enterprises in the region—areas where Indian companies have shown growing interest.

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Filipino and Indian companies are expected to gain faster access to each other’s markets and benefit from simplified procedures for trade and investment activities, the agency noted.

Roque vowed that the DTI will continue supporting efforts that benefit both economies and contribute to inclusive and sustainable growth through trade promotion, investment facilitation or market access initiatives.