INDIA, one of the largest economies in South Asia, has
been identified as a destination for Filipino exporters with its growing market
for Philippine products and the existence of preferential trade agreements.
During the Markets of the World forum hosted by the World
Trade Center Metro Manila, Dr. Jhino B. Ilano, Assistant Director of the
Export Marketing Bureau of the Department of Trade and Industry (DTI), reported
that there is unrealized export potential in India estimated at US$566.92 million.
These exports could come from electronics, Halal-based
products, personal care and beauty products, coconut products, and other
organic products such as dairy products and eggs.
Filipino
exporters can also take advantage of the ASEAN-India Free Trade Agreement
(AIFTA) where the Philippines enjoys reduced tariffs for 94% of exports to
India.
Speaking before over 60 participants, Dr. Ilano shared that
total trade with India has been growing by 4.2% (CAGR) from 2018 to 2022,
reaching US$2.8 billion in 2022. Total exports were at US$2.1 billion while
imports totaled US$701.4 million.
India ranks as the country’s 15th largest trading partner
with a 1.31% share of total trade with the Philippines. It is 16th among the
country’s export markets with a 0.89% share of total exports, and 14th among
import suppliers with a 1.53% share of total imports.
Raju Mandhyan, former Chairman of the Philippines India
Business Council (PIBC), meanwhile said that India is the fastest growing large
economy in the world before and after the pandemic.
He said India has large domestic demand, with demand
outpacing supply. Two-thirds of GDP is reportedly accounted by domestic demand,
driven by a large market of 1.4 billion population – the largest human resource
in the world.
Mandhyan added that investment potentials in India are in the
fields of beauty and wellness, tourism and travel, luxury goods, food and
beverages, and aqua and seafood products. Imports from India meanwhile include engineering
goods like machinery, equipment and components, pharmaceuticals, and educational
content.
“India is such an exciting market with many positive
developments happening in various sectors,” said WTCMM Chairman Pamela D.
Pascual. “Progress is seen on trade, investment, economic, scientific, and
technical cooperation. With the world’s exponential growth in digitalization
and globalization, both countries have emerged as frontliners in the service
sectors, particularly in the business process outsourcing industry. WTCA alone
has over 60 license holders across India making it one of the largest WTC
contingents in the world.”
Pascual bared that WTCMM is putting together a Philippine
delegation to participate in the annual World Trade Centers Association (WTCA)
Global Business Forum hosted by WTC Bengaluru, India in March 2024. On these annual WTCA gatherings, trade
delegations from different parts of the world participate in B2B meetings and
collaborations.
###
About World Trade
Center Metro Manila
With over 26 years of professional
experience in world-class service and unparalleled expertise in exhibitions,
trade shows, and special events, WTCMM is the first in the Philippines to be
recognized as such by Union des Foires
Internationales (UFI), the global association of the exhibition industry;
and the only exhibition center in the country to be managed by an ISO-certified
company, the Manila Exposition Complex, Inc.
It is an accredited MICE venue of
the Department of Tourism (DOT) and Tourism Promotions Board (TPB), a member of
the Tourism Congress of the Philippines (TCP), and the Philippine Association
of Convention Exhibition Organizers and Suppliers (PACEOS). For more
information, please visit www.wtcmanila.com.ph.
About Markets of the
World
Now on its 10th Markets
of the World (MOW) is a market briefing seminar that features the latest
industry trends, business opportunities, and best practices in the global arena
that strengthen international trade through exports, and imports as well as in
other industries. Participants in this seminar
come from different kinds of enterprises. It includes representatives from
small and medium enterprises, government officials, members of trade
organizations, and even top executives at major corporations.
