Philippines has ample scope for investment and business: Amit Dasgupta, Ambassador designate of India to Philippines

KOLKATA: The global economy is going through a stressful and difficult period and every country is confronted with this situation. Most countries are facing a declining GDP growth rate. In such a climate, what is most required for India to tackle the economic downturn is to discover new markets and strengthen existing markets and focus on creation of wealth.

This is how Amit Dasgupta, ambassador designate of India to Philippines, viewed the current economic scenario at an interactive meet fielded by the CII in Kolkata.

"Markets are not unlimited and operate in a fixed paradigm. Hence, identifying and penetrating different markets is of utmost importance. Philippines is one such market where there is ample scope for investment and business," said Dasgupta.

The IT sector is one such area, he said. Apart from BPOs and call centres, there is more to this industry where India can spread its wings. This includes areas like cloud computing. Education is yet another sector harbouring huge scope. Transportation, telecommunication and tourism are also markets which India can explore and get a foothold.

""We grow pineapples in West Bengal. Some of these are damaged, others are used in the food processing industry, while the rest all go waste. But, in Philippines all waste is converted into fibres and then turned into textiles. Thus, trade opportunities in Philippines are immense, which are waiting to be unveiled by India,"" Dasgupta expressed.

As part of its 'Look East' policy, India should find the ASEAN region to be opening up great avenues to encourage trade benefits, especially in terms of wealth generation through negotiation of trade agreements and trade delegations, Dasgupta summed up. Dasgupta has served in various capacities in New Delhi and abroad.