New Delhi, India
January 26, 2018
President Rodrigo Roa Duterte had a gathering with Filipino and Indian businessmen at the Oberoi Hotel in New Delhi who were part of the Philippines-India Business Forum organized by the Philippine Trade and Investment Center (PTIC) in New Delhi, in partnership with the Indian Ministry of Commerce and Industry and the Ministry of External Affairs.
Two (2) Memorandum of Understanding (MOU) and 10 Letters of Intent (LOI) were signed during the forum that was held last January 24, 2018. The following business agreements have a total estimated investment value of US$ 1.250 billion and an estimated employment generation of up to 10,000 jobs:
1. The MOU between the Board of Investments of the Republic of the Philippines and Invest India of the Republic of India aims to facilitate direct investment through cooperation in providing investment information to enterprises of both sides, assisting visiting investors and promotion of investments.
2. The extended MOU between the National Association of Software and Services Companies (NASSCOM), India, and the Information Technology (IT) and Business Processing Association of the Philippines (IBPAP) is intended to expand the coverage of the original MOU by creating a joint NASSCOM-IBPAP IT-BPM head council.
3. The LOI of Adani Green Energy Limited declares its intention to expand its operations to the Philippines. Its primary interest is to set up and operate Renewable Energy Power Plants.
4. The LOI of Interglobe Air Transport Limited plans to represent Philippine Airlines and promote tourism in the Philippines.
5. The LOI of Interglobe Technologies aims to expand its operations to the Philippines by setting up two (2) more centers and partnering with Philippine Airlines. The company has a broad experience in IT-Business Process Outsourcing (IT-BPO) services for the travel and hospitality industries.
6. The LOI of KG Information Systems Private Limited declares its target to start operations in the Philippines, specializing in IT consulting and services delivery.
7. The LOI of IT and Business Process Association of the Philippines (IBPAP) intends to support the IT-Business Process Management (IT-BPM) industry’s growth and increase employment in the Philippines, which is projected to generate 1.8 million jobs by 2022.
8. The LOI of The Farm at San Benito would like to extend its operations in the Philippines, specifically in Palawan and Davao. The company is known for its medical wellness services and has been awarded as one of the best in the world.
9. The LOI of Hinduja Global Solutions declares its intention to have two (2) to four (4) additional sites in the Philippines.
10. The LOI of Tech Mahindra expressed its intention to expand its existing operation in the Philippines.
11. The LOI of Pharmaceuticals Export Promotion Council of India aims to facilitate investment through the cooperation of Pharmexcil with the Federation of Indian Chambers of Commerce and Industry of the Philippines.
12. The LOI of SPI Global declares its intention to expand its business in the Philippines.
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