THE Philippine Economic Zone Authority (PEZA) said it has pitched to India the potential for investing in pharmaceuticals and defense manufacturing in the Philippines.
The investment promotion agency met with Indian Ambassador to the Philippines Shambhu S. Kumaran on March 1, in which he conveyed the potential interest of Indian companies in the two sectors, PEZA said in a statement Monday.
“It’s something that we would want to get some of our Indian companies who have connected suppliers to look at. We will be engaged with you and your team (regarding such investments) because this is a very interesting area,” he said.
There are around 28 Indian companies registered in PEZA. Among them, 21 are in the information technology and outsourcing sector while five are in manufacturing.
Mr. Kumaran also said the two countries must cooperate in upskilling their workforces.
“The demographic dividend can only be realized if we do what is required — that is to train and equip (those entering the job market) to meet the challenges of the new economy,” he said.
PEZA is aiming to take in over P100 billion in investment pledges this year, against P95 billion in 2020.
The agency is also planning to set up defense economic zones for makers of military equipment before the end of the Presidential term. — Jenina P. Ibanez