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Vietnam Plus - 26 October 2020
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.
The first round of talks on the new treaty took place last week in a virtual meeting between the Indian Department of Economic Affairs and the Philippine Department of Trade and Industry.
The two sides exchanged their respective drafts a few years ago after India had decided to work on a new model Bilateral Investment Treaty text. With the recent upswing in bilateral economic engagement, both sides are seeking to reach early agreement on a range of initiatives, an Indian official said.
In the recent past, Indian companies have made significant investments in the Philippines. These include Wipro Enterprises completing a 200 million USD acquisition of Philippines personal care brand Splash in 2019 and GMR completing two major airport projects in Cebu and Clark.
Philippines conglomerate Ayala Corporation, which had earlier invested 100 million USD in a solar project in Rajasthan, has announced an investment of 36 million USD in a 70 MW solar energy plant in Amreli district of Gujarat.