India, PH firms explore partnership opportunities in construction, energy

Lady Vicencio, ABS-CBN News

Posted at Jul 11 2023 06:47 PM

Watch more on iWantTFC

MANILA -- Philippine and Indian businesses on Tuesday explored partnerships in the construction, energy, electrical, and engineering sectors ahead of the two countries' 75th anniversary of diplomatic relations.

Indian Ambassador to the Philippines Shambhu Kumaran underscored the importance of finding trusted partners with the same thrust for economic development.

Kumaran said that the two nations’ focus on infrastructure and energy is a common ground that the private sector could work on.

“I would see Indian companies becoming reliable suppliers in the Philippines. A lot of potential exists. We see Indian investments in the Philippines. We also like to see Filipino investments and supplies to India,” Kumaran said.

The Embassy of India is looking for more business opportunities in the Philippines through the B2B event with the Indian Electrical and Electronics Manufacturers and the Philippine Overseas Construction Board.

During the event, the Department of Transportation presented opportunities linked with mega infrastructure projects such as the Metro Manila Subway Project, the North-South Commuter Railway, and other trains in the country. 

Construction Industry Authority of the Philippines Executive Director Atty. Marco Maat said that global partnerships will help raise the Philippines’ construction business value.

“The new IFP list consists of 194 projects for infrastructure development across priority sectors; namely, physical connectivity, water resources, agriculture, health, digital connectivity, and power and energy…we are confident that the industry will remain of the main contributors to the country’s growth,” Maat said.

The Department of Energy, meanwhile, said building of wind, water, and solar plants are also in its power outlook.

This also presents opportunities for Indian firms, as the South Asian nation may double its renewable energy requirements as it aims for net zero emission by 2070.

DOE also aims to raise the share of renewable energy in the total energy mix to 35 percent by 2030.

Philippine Overseas Construction Board Executive Director Doris Gacho also said she support for outsourcing opportunities to India in its energy sector.

--ANC, 11 July 2023