Philippine President Marcos Jr. to Bolster Economic and Strategic partnership with India
MANILA – Philippine President Ferdinand Marcos jr. is embarking on a state visit to India, commencing February 10th, with a focus on expanding collaboration across a diverse range of sectors. teh trip aims to solidify a growing partnership between the two nations, capitalizing on india’s position as the world’s fourth-largest economy.
President Marcos Jr. highlighted a broad spectrum of shared interests, encompassing defense cooperation, increased trade volume, investment opportunities, advancements in healthcare and pharmaceuticals, improved digital connectivity, agricultural innovation, and the promotion of tourism. He emphasized the potential for mutual benefit thru deepened economic engagement.
A key component of the visit will be a business delegation led personally by President Marcos Jr. to New Delhi and Bengaluru. This delegation will engage with prominent industry figures, particularly within india’s thriving Facts Technology (IT) sector. The objective is to identify and cultivate prospective investment ventures that will contribute to economic growth in both the Philippines and India.
The President articulated a desire for tangible improvements in the lives of citizens as a direct result of the strengthened relationship. Specific goals include increasing access to affordable medicines, enhancing connectivity infrastructure, and bolstering food security within the Philippines. He noted the urgency of maximizing trade and investment opportunities globally.
This visit builds upon existing diplomatic efforts, including the establishment of a Joint Commission on Bilateral Cooperation in 1981, and recent increases in bilateral trade which reached $2.9 billion in 2022-23. The Philippines currently imports approximately $2.5 billion worth of goods from India annually,primarily pharmaceuticals,chemicals,and engineering goods,while exporting around $400 million,largely consisting of coconut oil and electronic components. the delegation will also explore potential collaborations in renewable energy and maritime security.
“I look forward to a productive visit and much closer Philippines-India relations,” President Marcos Jr. stated, signaling a commitment to a long-term, mutually beneficial partnership.