DTI lures India businesses to Phl, 7 pharma firms express interest
Trade Secretary Ramon Lopez has urged Indian businessmen to take part in the economic growth story of the Philippines, saying investing in the country will help in creating additional value for their businesses and boost income-generation operations.
“The initiatives under Dutertenomics can help support investors by creating an environment where companies can do business swiftly and efficiently,” Lopez said during the recent Philippines-India Business Forum.
“Our Build Build Build infrastructure program will facilitate greater trade and investment as it opens up access to new markets, while minimizing trade and logistics cost,” he added.
The government’s Build Build Build program aims to develop massive and efficient infrastructure projects to create more opportunities in the countryside by developing more regional growth centers.
In addition, the DTI is also undertaking an innovationled industrial strategy (i3s) as support for the socioeconomic agenda of President Duterte.
The i3s complements the government’s thrust to promote an innovation ecosystem in the Philippines, with different sectors partnering to generate more jobs and improved business opportunities.
Lopez said Indian investors can fully recover their investments as their businesses enjoy the benefits of operating in a fully-industrialized and secure business environment.
He said the country’s greatest asset is its people, highlighting the large pool of highly qualified and educated workforce that is strongly customer-oriented, highly trainable with fast learning curve, adaptable to universal cultures, and with high level of commitment and loyalty.
“They can also enjoy the Philippines’ stable macroeconomic fundamentals, the educated English-speaking workforce, the demographic sweet spot that presents an enlarging consumer base, and wider market access thru preferential trade agreements,” he said.
“The hallmark of Dutertenomics is to attain growth with equity. That is, addressing inequality while reducing poverty across the regions towards improved quality of life for all,” Lopez added.
Meanwhile, there is a “good chance” that Indian pharmaceutical firms would manufacture medicines in the Philippines, a move that would significantly lower the prices of drugs, an Indian official said.
Abhay Sinha, regional director of the Pharmaceuticals Export Promotion Council of India, said his country is committed to provide cheap medicines to the Philippines, which he described as a “good market.”
“Definitely it’s up to the commercial interest but at the same time, Indian companies are moving outdoors and they are investing in various parts of the world. So the Philippines provides an opportunity,” Sinha said in a chance interview Friday on the sidelines of President Duterte’s state visit to India.
“It’s a very good market. Definitely there is call for providing the affordable and quality medicine… India is committed to provide for them,” he added.
Asked about the chances that the members of his council would set up manufacturing sites in the Philippines, Sinha replied: “Good chance… the companies have already committed to provide, to go for the industry.”
“(It is a) win-win scenario. We receive a list of medicines the Philippines actually wants. So the pharmaceutics are committed to provide that,” he added.
Sinha said about seven Indian pharmaceutical companies are “in the process of exploring” opportunities in the Philippines.
“We have the largest manufacturer of generics. We call ourselves as the pharmacy of the world. We are providing medicines to most part of the world,” Sinha said.
President Duterte mentioned the Philippines’ intention to buy cheap medicines from India during his bilateral meeting with Indian Prime Minister Narendra Modi last Wednesday here. The Philippines and India have agreed to craft the details of the cooperation agreement by March.
Philippine officials are hopeful that Indian drug firms will do manufacturing in Manila to make medicines more accessible to the poor.