MANILA — President Gloria Macapagal-Arroyo said last night there are boundless opportunities and potential for more collaboration between the Philippines and India which is on the verge of becoming one of the top economies in the world.
Speaking at the membership meeting of the Indian Chamber of Commerce Philippines at the Hotel Intercontinental in Makati City, the President described India’s growth and huge market potential as a positive development that could further propel the growth of the Philippines and other Asian countries.
The President said the Philippines supports and would take advantage of India’s “Look East Policy” and its plans to integrate with both South Asia and South East Asia.
“Within the next quarter century, India will be one of the world’s top economies, and India will become an undeniable driving force behind global economic growth. At this point in time, these integrative policies of India are indispensable to our plans, and the plans of our neighbors, to build a complete Asian community,” she explained.
Because of the growing and huge market of China and India, the two most populated countries in the world, the President pointed out that growth in Asia is now shifting from being export-driven to being domestically-driven, or Asians producing for Asians.
“In the Philippines, we benefit from this growth. India’s awakening can only lift up our nation. This is a positive, healthy development,” she said.
As the country’s new special partner, the President said India is now investing locally, creating jobs in the business process outsourcing (BPO), textile and steel industries.
She pointed out that the jethropa technology, which is crucial to the Philippine energy independence program came from India, which is also the source of half-priced medicines for ordinary Filipinos.
The President said the Philippines could learn much from India’s technology and innovation.
“I am bullish on India. I am bullish on India’s ability to help drive positive change in the world. We, here in the Philippines, have the unique opportunity to learn from India and create our own path to development,” the President said. (PIA Dispatch)