The Philippine Economic Zone Authority (PEZA) has strengthened its partnership with India in attracting more investors to the Philippines as part of its efforts to revive the country’s economy.
Indian Ambassador to the Philippines Shambhu Kumaran and First Secretary Nishi Singh paid a courtesy visit to the PEZA head office last week to discuss business opportunities in the Philippines for Indian investors.
There are currently around 28 Indian companies registered in PEZA. Of these, 21 are registered as information technology-business process outsourcing (IT-BPO), five as manufacturing, and two under various enterprises.
“The past year has been a bit of a setback to everyone but I feel that fundamental trends indicate that the Philippine economy continues to grow positively and energetically into the future,” Kumaran said during his visit.
“The 21st century is really the century of digital economy and there, both India and the Philippines are very well in place to derive maximum benefit,” he added.
The ambassador also emphasized the importance of training and transforming the workforce as well as the cooperation between the countries to meet the needs of the global market when it comes to skills.
Through upskilling and reskilling, Kumaran noted that “we will be able to work together in areas of core strengths and bring in our skills in the global job market.” The official likewise vowed to help attract defense industries and pharmaceutical companies to the country, adding that these are “very interesting areas where there are good possibilities.” PEZA and the Indian Embassy will partner for a session under the Global Biz monthly forum to brief Indian companies about investment opportunities in the Philippines and attracting investors to the country.
Aside from India, PEZA is also closely coordinating with the Malaysian Embassy to host another session for Malaysian companies wanting to invest in the Philippines.