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India, Philippines negotiate on bilateral investment deal

India and the Philippines have begun negotiations on a bilateral investment agreement as they want to further boost their economic ties.
India, Philippines negotiate on bilateral investment deal ảnh 1Illustrative image (Source: Internet)

New Delhi (VNA) – India and the Philippines havebegun negotiations on a bilateral investment agreement as they want to furtherboost their economic ties.

The first round of talks on the new treaty took place lastweek in a virtual meeting between the Indian Department of Economic Affairs andthe Philippine Department of Trade and Industry.

The two sides exchanged their respective drafts a few yearsago after India had decided to work on a new model Bilateral Investment Treatytext. With the recent upswing in bilateral economic engagement, both sides areseeking to reach early agreement on a range of initiatives, an Indian officialsaid.

In the recent past, Indian companies have made significantinvestments in the Philippines. These include Wipro Enterprises completing a200 million USD acquisition of Philippines personal care brand Splash in 2019and GMR completing two major airport projects in Cebu and Clark.

Philippines conglomerate Ayala Corporation, which hadearlier invested 100 million USD in a solar project in Rajasthan, has announcedan investment of 36 million USD in a 70 MW solar energy plant in Amrelidistrict of Gujarat./.
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