India-ASEAN Business Summit
On 19 October, 2019, the 4th India-ASEAN Business summit and the India-Philippines Business Conclave was organized. President Ram Nath Kovind who is on a 7-day official visit to Philippine and Japan addressed the summit.
Highlights of the address
- ASEAN-India trade relations are important for India to achieve its Act East Policy. The ASEAN-India trade increased by 19% in 2018 reaching 96.79 billion USD. India targets to increase the trade to 200 billion USD by 2022.
- The Indian investment in Philippines has grown especially in concrete projects like LNG pipelines, waste management solutions and airport terminals
- The major gain between India and Philippines relations has been in IT-BPO sector. Leading Indian IT companies have created job opportunities in Manila by setting up enterprises.
- The “Make in India” infrastructure program of India and “Build, Build, Build” infrastructure initiative of India have immense opportunities.