INDIAN electronics and electrical equipment companies are exploring collaboration in energy solutions with their Philippine counterparts following a recent visit by an Indian trade mission, an Indian official said.
Charu Mathur, director-general of the Indian Electrical & Electronics Manufacturers’ Association (IEEMA), told BusinessWorld by e-mail that the group’s representatives met with various Philippine government agencies and private sector representatives during a trade mission that ran between July 11 and 14.
The IEEMA delegation consisted of 25 representatives from 22 Indian companies engaged in the electrical, industrial electronics, and related industries.
The association’s members include public-sector enterprises and multinationals.
“The aim was to explore future business potential for IEEMA members and meet the targeted stakeholders and also look for technology exchange between both countries. It would help both sides in exploring new areas in the field of off-grid and micro-grid solutions, such as energy storage systems and rural electrification enhancements,” Ms. Mathur said.
According to Ms. Mathur, the IEEMA delegation met with the Manila Electric Co., Meralco Industrial Engineering Services Corp., Aboitiz Power, DMCI Power Corp., and the Philippine Contractors Association among others.
“Having met these organizations who are executing huge turnkey projects of power sector in the Philippines are presently looking at India as a sourcing country, so there is a huge scope of business ahead for IEEMA delegates,” Ms. Mathur said.
Ms. Mathur added that the IEEMA delegation also met with representatives with government agencies such as the Department of Transportation, Department of Energy, Construction Industry Authority of the Philippines, and Philippine Overseas Construction Board.
“IEEMA has a strong focus on international business development for our members with a focus on newer markets… moving up the value chain in providing quality products and exploring and penetrating new and emerging markets,” Ms. Mathur said.
Ms. Mathur said the IEEMA is looking at the Philippines due to the growing trade with India.
“With the increasing dynamism in the economic relations between India and the Philippines…, we took this initiative to understand each other’s requirements better and significantly increase sourcing of electrical and electronic products from India as part of diversification of source of supplies and integration of value chains,” Ms. Mathur said.
The Department of Trade and Industry estimates that India was the Philippines’ 15th largest trading partner, 16th largest export market, and 14th largest source of imports last year.
In 2022, merchandise trade between the Philippines and India totaled $2.821 billion, down 5%. — Revin Mikhael D. Ochave
