In a bid to further strengthen Philippine exports by tapping into non-traditional markets, the Department of Trade and Industry - Export Marketing Bureau (DTI-EMB), in collaboration with the Philippine Trade and Investment Center (PTIC) and the Philippine Embassy in New Delhi, conducted an Outbound Business Matching Mission (OBMM) to Mumbai, India on August 28 - 31, 2019.
The DTI-EMB continues its active engagement with the Philippines’ South Asian neighbors, particularly in India. The said country is among the fastest growing major economies in the world and is expected to become the third largest consumer economy by 2025. Aside from being one of the most inhabited nations, India’s favorable demographics make it an ideal trading partner – increasing young population, expanding middle-class, and rising income levels.
The OBMM to Mumbai was participated by Filipino companies from the areas of fast-moving consumer goods (FMCG) such as packaged foods and snacks, beverages, personal care products, and pharmaceuticals, all of which were identified to have great potential in the Indian market.
“We are intensifying our efforts to enhance the country’s bilateral trade with India by exporting quality Philippine products and services to this booming market through this mission,” DTI-Trade Promotions Group (TPG) Undersecretary Abdulgani M. Macatoman said.
The mission aimed to directly link Filipino exporters with potential business partners in the financial capital of India and pursue further opportunities particularly under the ASEAN-India Free Trade Agreement (AIFTA). This year's initiative was a follow-through of the first business mission to New Delhi in 2017.
Philippine Ambassador to India, H.E. Ramon S. Bagatsing, Jr. received the delegation led by DTI-EMB Assistant Director Agnes Perpetua R. Legaspi. He expressed his full support for programs that will advance Philippines’ trade interests and boost the country’s economic ties with India.
During the mission, the delegation participated in business-to-business (B2B) meetings with the members of various trade associations in India including the Federation of Indian Chambers of Commerce & Industry (FICCI), All India Association of Industries (AIAI), and World Trade Center (WTC) Mumbai.
A Trabaho, Negosyo, Kabuhayan (TNK) seminar was also organized which allowed the delegation to link with the Filipino community in Mumbai for potential collaboration and business expansion. Commercial Attaché Jeremiah C. Reyes endorsed the delegation as he urged Filipinos in Mumbai to look for business opportunities and adopt the entrepreneurial mindset.
The OBMM also coincided with the 14th edition of India's biggest food and beverage exhibition, the Annapoorna ANUFOOD India. The delegation took the opportunity to observe, network with Indian companies, and generate business leads during the event.
“This business mission to India is a testimony of DTI-EMB’s commitment to diversify our exports to non-traditional markets. Barely two weeks after the mission, we already received reports from our participants on the developments in their negotiations with prospective buyers from India. We will continue to monitor the progress and be in full support of our exporters,” DTI EMB Assistant Director Agnes Legaspi said.
In 2018, India was the 15th trading partner of the Philippines, 17th export market, and 14th import supplier. The total bilateral trade was valued at US$2.37 billion.
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