India-Philippines Business Conclave Current Affairs - 2019

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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.