New Delhi, Nov 13 (IANS) Prime Minister Narendra Modi’s recent visit to the Philippines is poised to usher in a new era of economic cooperation between the two countries, according to Vishal Vishnu Hathiramani, President of FICCI Philippines on Friday.

In an exclusive conversation with IANS, Hathiramani emphasised that the visit could act as a catalyst for deepening commercial ties and accelerating growth in bilateral trade, investment, and strategic partnerships across multiple sectors.

"We are very glad that our Prime Minister Narendra Modi is coming to the Philippines. He came back in 2017 also. And recently, as you all know, we have signed the strategic partnership between the Philippines and India," he said.

"And we also have visa on arrival for Indian tourists and businessmen in the Philippines. We have direct flights. So we see a lot of business potential that will take place between India and the Philippines," he added.

Bilateral trade between the two nations has doubled from around $2 billion in 2016 to approximately $4 billion, a trend that Hathiramani believes could continue, with the possibility of trade doubling again over the next decade if the current momentum is sustained.

"In 2016, we were a 2-billion trade partner, and as we speak now, we're doing 4 billion. So this is double the economy between the two countries. So with this visit, who knows, it might double once again in the next 10 years," he told IANS.

He pointed to tourism as one of the most promising sectors for deepening economic engagement, citing the introduction of visa-on-arrival facilities for Indian citizens and the launch of direct flights between the two countries as major enablers.

Hathiramani also sees significant potential for increased cooperation in sectors such as IT, BPO, and pharmaceuticals, building on existing business relationships and exploring new partnerships.

He emphasised that defense cooperation has taken on new importance following the BrahMos missile agreement, setting the stage for expanded military and industrial collaboration between Indian and Filipino companies.

"Currently, the sector that I see where I can see a big boost or jump would be the tourism. That's because of the visa on arrival for Indian nationals to the Philippines and direct flights to the Philippines, and vice versa. Aside from that, I see a jump in all the other sectors that we are strong in. May it be IT, BPO, pharma," he stated.

"I see all this taking a jump, and recently in the last few years, as you know, Philippines signed the Brahmos deal with India. So I see a lot of bilateral cooperation in defense and military partnership between the two countries," he noted.

--IANS

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