PH urged to tap $1-B India credit line
The Duterte administration should consider tapping Indian funding for its “Build Build Build” program, New Delhi’s envoy to the Philippines said on Wednesday.
“The Government of India has, in fact, a $1 billion line of credit for Asean (Association of Southeast Asian Nations) countries for any infrastructure projects that they may wish to do especially in the area of digital infrastructure,” Indian Ambassador to the Philippines Jaideep Mazumdar told reporters during the opening of the India Engineering Exhibition Philippines (INDEE) pavilion at the International Metalworking Expo and Forum in Pasay City.
Jaideep Mazumdar, ambassador of India to the Philippines, signs a memorandum of understanding with Mahesh Desai, Senior Vice-Chairman of the Engineering Export Promotion Council of India, at the inauguration of the Indian Pavilion at the International Metalworking Expo and Forum, currently being held at the World Trade Center in Pasay City, on August 22. PHOTO BY ANDREA DE LA CRUZ
Several Indian companies have expressed intent to participate in the government’s infrastructure projects, he added.
Bangalore-based GMR Infrastructure Ltd. has partnered with Megawide Construction Corp. to operate and maintain the Mactan-Cebu International Airport and last month formally opened a new terminal.
The consortium has also bagged an engineering, procurement and construction contract for the expansion of the Clark International Airport.
Aside from infrastructure, Mazumdar said Indian companies were also looking at investing in telecoms, railways and pharmaceuticals.
“I understand that there are some companies who are interested but these are still works in progress. I think we will get to know in the next couple of months,” he added.
Indian companies are already present in the local textiles, garments, airport, chemicals, steel and IT sector.
These include the Aditya Birla Group, Ispat Group, Tata and Mahindra.
“The Philippines is a large country so there are a lot of opportunities here especially in the manufacturing sector,” Mazumbra said.
“I think India will give far more attention to the Philippines,” he added.
Mazumbra said INDEE, an initiative of the Engineering Export Promotion Council of India (EEPC), was a bid to further boost trade and investment relations with the Philippines.
“The business community in India and the Philippines are looking at opportunities … [given]renewed interest which is evident from an over 25-percent rise in the bilateral trade,” he added.
“India has a policy of looking east and Asean countries are really in the heart of that and Philippines being a major country in Asean has a lot of potential for bilateral and economic relationship.”
EEPC Senior Vice-Chairman Mahesh Desai said engineering exports to the Philippines had so far reached $640.43 million since last year up to the first half of 2018.
“The focus of the bilateral commercial engagement has to be not only on trade but investment as well,” he said.
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