NEW DELHI, India — President Rodrigo Duterte is taking home at least $1.25 billion worth of investment pledges which will generate 10,000 jobs in various fields, Trade Secretary Ramon Lopez said.
In a press briefing at the International Media Center (IMC) here, Lopez said that the investment pledges were gathered from the different Indian companies in the fields of renewable energy, infrastructure, information technology-business processing management (IT-BPM), 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 initiated by the Department of Trade and Industry (DTI) in India even before the President arrived in New Delhi for the 2018 India-ASEAN (Association of Southeast Asian Nations) Commemorative Summit.
Lopez added that two Memorandum of Understanding (MOUs) 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 (LOI) 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, 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.
Lopez said that Interglobe Air Transport expressed that they would like their tourism in India and have the Philippines promote its tourism in the sub-continent.
Interglobe Technologies expressed intent to expand its operation and build its presence when it comes to digital delivery centers. They are looking into setting up travel schools with core programs on management, customer services, digital contact solutions, among others.
Lopez also said that an Indian investor of The Farm at San Benito, a resort in Batangas, intends to expand in Palawan and in Davao.
The Hinduja Group, better known as the HGS Hinduja Global Solutions in the Philippines, also wants to expand and increase the “number of seats by about 2,000 seats and that of course 2,000 jobs.”
Lopez said that there are also other groups who want to express interest in doing business in the Philippines but have not yet entered into an LOI.
One of the two MOUs signed is between the Philippines’ Board of Investment and India’s Invest India to facilitate direct investments and cooperation between the two agencies. The MOU was signed between Lopez and India’s External Affairs Secretary Preeti Saran.
The MOU also aims to provide practical investment information to enterprises, assisting visiting investors, promotion of investments and many other initiatives that will facilitate investments.
The other MOU signed was between the IT Business Processing Association of the Philippines (IBPAP) and the National Association of Software and Services Companies (NASSCOM). This pertains to the development and growth of the global IT-BPM industry in the Philippines which includes mutual assistance and cooperation.
“I will tell you that it is emerging to be a substantial commitment on the investment side as well as job generation side. Much of it will be coming from the IT-BPM, renewable energy and other infrastructure projects including pharmaceuticals,” Lopez said.
Duterte and Indian Prime Minister Narendra Modi witnessed the signing of the trade MOU at the Hyderabad House hours after Duterte landed in New Dehli at exactly 5:35 p.m. (India time). The Hyderabad House is used by the Indian government for banquets and meetings with visiting foreign dignitaries.