Philippines president woos Indian investment

By IANS

Mumbai : From pharmaceutical companies to Bollywood filmmakers, the Philippines President Gloria Macapagal-Arroyo laid out the red carpet for Indian companies to invest in the archipelago nation at the start of her three-day state visit to India Thursday.


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Soon after her arrival, the Filipino leader addressed top captains of business at an interaction organised by Confederation of Indian Industry (CII).

Macapagal-Arroyo said that her government had recently passed a bill for affordable medicine, which led to increase in the import of low-cost medicines from India. She urged Indian pharma companies to set up base in Philippines and in turn, also encouraged Filipino private drug store owners and local governments “to do business with India”.

She noted that a major area of investment could be the entertainment sector. “The Philippines has a lot to offer to Bollywood: rainforests and white-sand shores form a perfect backdrop for film shoots,” Macapagal-Arroyo said, adding, “we are trying to cut red tape for Indian filmmakers”.

She pointed out that Indians were no longer “restricted nationals” in the Philippines any more. “We invite Indian companies to invest in the Philippines government’s owned and controlled co-operations. We are bullish on 21st century India and we look forward to the opportunity of learning more from your knowledge-driven development,” Macapagal-Arroyo said.

Terming India as a political and economic giant, she said that the “Look-East policy” of India should bring about more co-operations between the two countries.

Three memorandums of understanding were signed between three Indian and Filipino companies, mainly in the pharmaceutical and biotech sector.

Macapagal-Arroyo is to meet Prime Minister Manmohan Singh in New Delhi Friday and witness the signing of eight agreements.

A top priority during the talks is expected to be Myanmar, with Philippines expected to ask India to take a tougher stance against the military junta.

Even though Myanmar is a member of Association of South East Asian Nations (Asean), the regional body had made a strong statement, expressing “revulsion” at the use of force against pro-democracy demonstrators in the country.

However, India’s reaction had been more muted, with External Affairs Minister Pranab Mukherjee asking the junta to consider an inquiry into the use of violence to quell the street protests.

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