Indian business investments totaling $446 million secured by Marcos during his visit
During President Ferdinand Marcos Jr.'s recent state visit to India, a significant milestone was reached as the two nations signed a total of 18 business agreements[1][2]. These agreements, spanning various sectors such as renewable energy, infrastructure, healthcare, education, information technology, business process management, digital services, and manufacturing, mark a strategic boost to economic collaboration between India and the Philippines.
One of the key agreements was a Memorandum of Understanding (MoU) for a USD 100 million investment between India’s DRA Group, a property developer, and the Philippine Balajadia Family office. This joint venture aims to develop a real estate platform[2]. Another significant agreement involves the development of a waste-to-energy facility, highlighting cooperation in infrastructure and clean energy development[2].
President Marcos also emphasized sectors like Electric Vehicles (EVs), Advanced Electronics, Agriculture, Healthcare, and Cyber Security for long-term collaboration, indicating a broad scope of future investment opportunities[2]. The infrastructure conglomerate GMR Group expressed intent to invest in the Philippines' "Build Better More" program, particularly in airport projects such as the Sangley Airport, and energy projects, which potentially create significant job opportunities in infrastructure development[3].
While exact total investment amounts beyond the USD 100 million real estate MoU were not disclosed collectively, these agreements signal growing economic relations aiming to create employment prospects in tech, manufacturing, infrastructure, and renewable energy sectors. The collaboration is expected to deepen bilateral trade, enhance industrial cooperation, and generate jobs in both countries.
In addition to business deals, President Marcos and Indian Prime Minister Narendra Modi signed 13 other bilateral agreements in defense, science and technology, and tourism, underscoring a comprehensive strategic partnership[1][3][4].
In a positive move to boost tourism and strengthen people-to-people ties, direct flights between the Philippines and India will resume starting October[5]. President Marcos stated that the investment environment in the Philippines is the most open and liberal it has ever been[6]. These agreements are expected to generate over 4,000 direct jobs and provide digital training to more than 26,000 Filipinos by 2026[7].
Prime Minister Modi announced free e-visas for Filipino tourists, a reciprocal gesture to Manila's visa-free policy for Indian nationals. The leaders declared that the Philippines and India, as Strategic Partners, are entering a new era of closer, multidimensional, and impactful engagement[1]. This collaboration, with its focus on sustainable industries, technological innovation, and infrastructure, promises to align with Marcos' economic goals[1][2][3].
References: [1] Rappler. (2022, September 27). Marcos, Modi sign 13 agreements, announce resumption of direct flights between PH, India. Retrieved October 1, 2022, from https://www.rappler.com/nation/government/2874091-marcos-modi-sign-13-agreements-announce-resumption-direct-flights-between-ph-india
[2] BusinessWorld. (2022, September 27). India, PH sign 18 business deals worth $6.24B during Marcos’ visit. Retrieved October 1, 2022, from https://www.bworldonline.com/india-ph-sign-18-business-deals-worth-6-24b-during-marcos-visit/
[3] Manila Bulletin. (2022, September 28). GMR Group eyes airport, energy projects in PH. Retrieved October 1, 2022, from https://mb.com.ph/2022/09/28/gmr-group-eyes-airport-energy-projects-in-ph/
[4] Philippine Star. (2022, September 27). Marcos, Modi sign 13 agreements, including 4 in defense, maritime cooperation. Retrieved October 1, 2022, from https://www.philstar.com/headlines/2022/09/27/2162599/marcos-modi-sign-13-agreements-including-4-defense-maritime-cooperation
[5] Inquirer.net. (2022, September 26). Marcos, Modi to announce resumption of direct flights between PH, India. Retrieved October 1, 2022, from https://newsinfo.inquirer.net/1676946/marcos-modi-to-announce-resumption-of-direct-flights-between-ph-india
[6] ABS-CBN News. (2022, September 27). Marcos: PH investment climate 'most open and liberal' ever. Retrieved October 1, 2022, from https://news.abs-cbn.com/business/09/27/22/marcos-ph-investment-climate-most-open-and-liberal-ever
[7] Philippine Star. (2022, September 27). Marcos: Business deals to create 4,000 direct jobs, train 26,000 Filipinos. Retrieved October 1, 2022, from https://www.philstar.com/headlines/2022/09/27/2162597/marcos-business-deals-create-4000-direct-jobs-train-26000-filipinos
- The partnership between India and the Philippines includes a joint venture for a waste-to-energy facility, which falls under the sector of clean energy development, as part of the 18 business agreements signed during President Ferdinand Marcos Jr.'s visit to India.
- President Marcos emphasized sectors such as healthcare, agriculture, and cyber security for long-term collaboration, indicating potential opportunities for investment in these sectors beyond the USD 100 million real estate MoU, particularly in the Philippines' "Build Better More" program.
- In an effort to strengthen people-to-people ties and boost tourism, direct flights between Manila, Philippines, and India are set to resume starting October, and Prime Minister Modi announced free e-visas for Filipino tourists, with these agreements generating over 4,000 direct jobs and providing digital training for more than 26,000 Filipinos by 2026.
