India And Philippines Begin Negotiations On Bilateral Investment Treaty To Give Fillip To Rising Economic Engagement

India And Philippines Begin Negotiations On Bilateral Investment Treaty To Give Fillip To Rising Economic EngagementCredit: Flickr/meaindia

In a bid to add further depth to the flourishing bilateral relationship, India and Philippines have commenced the negotiations on a new investment treaty as the two nations look to accelerate the upswing in economic engagement, reports Economic Times.

The first round of the talks was held for the same last week virtually. It involved officials from India's Department of Economic Affairs and Philippines' Department of Trade and Industry.

It should be noted that the two nations had first exchanged their respective drafts for a new model bilateral investment treaty a few years ago.

In the recent past, Indian companies have made significant investments in the Philippines. While Wipro Enterprises had in 2019 completed a $200 million acquisition of Philippines' personal care brand Splash, infrastructure developer GMR had also completed the building of two major airports in Cebu and Clark cities.

Meanwhile, Philippines' Ayala Corporation has also bet on India's booming solar energy market. It had earlier invested $100 million in a solar project in Rajasthan and has now announced another $36 million investment in a 70-megawatt solar energy project in Gujarat's Amreli.