SOME INDIAN COMPANIES, including those from the pharmaceutical industry, are interested in investing in economic zones in the Philippines, according to an India Business Forum (IBF) official.
IBF President Dileep Tiwari on Sunday said some of the organization’s members have shown interest in investing in economic zones.
Mr. Tiwari on Sunday signed a memorandum of understanding (MoU)with Philippine Economic Zone Authority (PEZA) Director-General Charito B. Plaza, for IBF’s support in promoting the economic potential of the Philippines to Indian investors. For its part, PEZA will help IBF in maximizing its business opportunities in the country’s economic zones.
“This MoU will pave the way for a new relationship between PEZA and IBF. Some of my colleagues are already interested to open an office in PEZA economic zones. Also, some members who are non-information technology-business process outsourcing, like those coming from the pharmaceutical background are also considering,” Mr. Tiwari said.
“Another colleague mentioned that there is also a plan to come up with chemical plants in PEZA economic zones,” he added.
There are currently 29 Indian locator companies in the Philippines with a total investment of P10.315 billion as of September 2021, according to Ms. Plaza,
She added that Indian locator companies in the country had registered $181 million in exports and employed 21,950 people as of August.
Ms. Plaza said the top Indian companies in the Philippines include Hinduja Global Solutions Ltd., Infosys BPM Ltd. – Philippine Branch, IGT Technologies Philippines, Inc., Teleperformance Global Services Philippines, Inc., and Concentrix Services Philippines, Inc. — Revin Mikhael D. Ochave