PASAY, PHILIPPINES – The Philippine Economic Zone Authority (PEZA) is actively seeking investment opportunities from leading Indian pharmaceutical and business process outsourcing (BPO) companies to broaden the country’s economic zones.
This effort is part of a broader strategy to increase foreign direct investment (FDI) in the Philippines.
Facilitated by HSBC Philippines, the investment mission aims to support the government’s initiatives by fostering stronger economic connections.
A key component of this initiative is the revival of direct flights between India and the Philippines to boost tourism, trade, and investment.
During a weeklong visit to New Delhi, Bangalore, Hyderabad, and Mumbai, PEZA officials held government-to-government meetings with India’s Department for Promotion of Industry and Internal Trade and the Department of Commerce and Industry.
PEZA noted that both Indian joint secretaries expressed a strong desire to sign a bilateral investment agreement and enhance regional economic cooperation and market access through the ASEAN-India Free Trade Agreement (FTA).
Engaging leading firms
The mission also included government-to-business meetings with leading Indian companies in the IT-BPO and pharmaceutical sectors. Notable participants were HSBC Global Capability Center, SMBC New Delhi Office, and Hyderabad Software Enterprises Association.
In total, PEZA met with representatives from 27 tech companies and nine pharmaceutical firms.
Discussions on expansion plans were held with existing IT-related businesses, including Concentrix, Wipro, EXL, Coforge, R1 RCM, WNS, and First Source Solutions. Additionally, Indian agro-energy and renewable energy developer SAEL expressed interest in establishing a power generation facility in Bulacan.
The Philippine Ambassador to India and the Philippine Trade and Investment Center in New Delhi provided insights into potential investments from Indian companies in mineral processing, steel manufacturing, infrastructure, and transport development.
