PH nets $1-B investments
NEW DELHI, India – President Duterte is bringing home at least $1.25-billion worth of investment pledges from India which will generate 105,000 jobs in various fields in the Philippines, Trade and Industry Secretary Ramon Lopez said.
In a press briefing at the International Media Center here, Lopez said that the investment pledges were gathered from different Indian companies in the fields of renewable energy, infrastructure, information technology-business processing management, and healthcare, among others.
"We had a series of meetings with big and major conglomerates in India especially those with special interest in operating in the Philippines and those with intention either to expand or to enter the Philippines in terms of investments," Lopez said.
According to presidential spokesperson Roque, the series of meetings were initiated by the Department of Trade and Industry in India even before the President arrived in New Delhi for the 2018 India-Association of Southeast Asian Nations Commemorative Summit.
Lopez added that two Memorandums of Understanding were signed between the two countries in the fields of investment and information technology.
"And part of the meetings, we entered into – or they have submitted in total about seven Letters of Intent and two MOUs. So we had basically about nine agreements with them on how we can both expand and strengthen our trade and investment relationship," he said.
According to Lopez, Adani Green Energy, India's leading solar power generation and manufacturing company, has expressed plans to expand operations in the Philippines.
"There is investment commitment and the jobs to be generated. So they are now looking for sites for the solar and the wind-based power generation," he said.