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Philippines President Gloria Macapagal-Arroyo has invited Indian pharmaceutical companies to set up manufacturing units in the Philippines to provide medicines to the poor at affordable prices.
Her three-day visit to India was aimed at increasing economic cooperation and trade and investment ties, Arroyo told top business leaders in Mumbai, India's financial capital.
"I encourage your pharmaceutical companies to set up production facilities in the Philippines. This will help you keep the Philippines market and use it as a base to export to northeast Asia, Australia and New Zealand," she said.
Arroyo said her government also planned to encourage import of medicines from India to help reduce the prices of medicines by half.
Indian company Emcure Pharmaceuticals Ltd. and Macro Pharmaceuticals of the Philippines signed an agreement Thursday for marketing specialized Indian medicines for kidney transplant and dialysis.
A trade agreement also was signed by Manila-based information and technology company IPVG Corp. and India's Credence Analytics.
Arroyo said she hoped India's fast-paced economic growth would translate into more investment in the Asian region. India's rapid economic growth has been averaging nearly nine percent annually over the last couple of years.
She will leave for the Indian capital on Friday for talks with Indian Prime Minister Manmohan Singh.
The two countries will sign an agreement on the establishment of a Joint Commission on bilateral cooperation and a joint declaration for cooperation to combat international terrorism, said a statement by India's External Affairs Ministry.
India's exports to the Philippines in 2005-2006 totaled US$490 million and imports from the Philippines were US$255.
Indian software companies such as Infosys Technologies Ltd. and Tata Consultancy Services Ltd. have entered joint ventures in information technology services in the telecommunication and banking sectors in the Philippines over the past two years.
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