Capital Freeze
India’s investment slowdown is no longer a cyclical economic problem. It is becoming a structural crisis of confidence. For years, New Delhi has tried almost every orthodox tool available to revive private sector investment.
India and the Philippines on Wednesday discussed promoting bilateral trade, boosting investments, and enhancing the ease of doing business.
The discussions took place at the India-Philippines CEO Roundtable in the national capital, where leading business representatives from both sides participated.
Advertisement
Union Commerce and Industry Minister Piyush Goyal and Minister of State for External Affairs Pabitra Margherita also participated in the roundtable. Philippines President Ferdinand R. Marcos, who is on a five-day state visit to India, was also present at the meeting.
Advertisement
“Participated in the India-Philippines CEO Roundtable along with Philippine President Ferdinand R. Marcos Jr. @bongbongmarcos, and leading business representatives from both sides,” Goyal posted on X after the roundtable.
“Discussions focused on promoting bilateral trade, boosting investments, and enhancing the ease of doing business. We also emphasised key sectors of collaboration, including health, pharma, IT, science & innovation, education, and agriculture,” the Commerce Minister further said in the post.
India and the Philippines on Tuesday decided to elevate their ties to a Strategic Partnership, with Prime Minister Narendra Modi and President Ferdinand R. Marcos Jr agreeing to expedite the conclusion of negotiations on the Preferential Trade Agreement (PTA) to further promote mutual trade.
The two countries agreed to enhance defence cooperation, with President Marcos thanking PM Modi for India’s support in the defence industry and the export of platforms, including the BrahMos missile system.
Diplomatic relations between the two countries were established in November 1949. Both countries are now celebrating the 75th anniversary of the establishment of their diplomatic relations.
Economic and commercial engagement is an important aspect of the India-Philippines bilateral relationship. Bilateral trade between the two countries reached USD 3.5 billion in 2023-Indian companies have a notable presence in the Philippines across sectors such as IT and ITES, healthcare and pharmaceuticals, textiles, infrastructure, FMCG, chemicals, automobiles, and agriculture, among others.
India is the largest exporter of pharmaceuticals to the Philippines. Pharma exports from India to the Philippines have grown from USD 290 million in 2020-21 to USD 460 million in 2024-25. Both countries have also eased visa norms to facilitate greater mobility.
Prime Minister Narendra Modi on Tuesday announced that India will be offering free e-visas to Filipino tourists, in a reciprocal gesture following the Philippines’ decision to grant visa-free entry to Indian nationals.
The Philippines has granted visa-free entry to Indian tourists for stays of up to 14 days.
The Ministry of External Affairs later announced that direct flights between Delhi and Manila are expected to commence from October 1 this year, marking a significant step towards enhancing regional connectivity between India and the Philippines.
Advertisement
