President: 'Significant potential for India-Philippines collaboration'

President of India Ram Nath Kovind on Saturday has said that there is immense scope for economic collaboration between India and the Philippines. The potential for Philippines-India economic collaboration is significant. Both countries must share complementarities which can be utilized to deepen trade and investment ties, he said.

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India's Make in India and Build Build Build initiative of the Philippines

Drawing a parallel between 'Make in India' program and 'Build Build Build' infrastructural initiative of the Philippines, he said that both programs provide immense opportunities for investors and companies on both sides. The President highlighted that India would be spending as much as USD 1.3 trillion in the development of infrastructural projects. He said, "A focussed business approach, which combines investors with opportunities, and partnerships with projects, is the way forward. I am happy that your deliberations earlier today have been helpful on this score."

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'India, Philippines among the fast-growing economies'

The President also addressed the India-Philippines Business Conclave and 4th India-ASEAN Business summit and said that India and the Philippines are among the fastest-growing economies of the world which are committed to inclusive growth, fighting corruption and bringing about transformative changes in the lives of people. During the President's visit, India and the Philippines signed four agreements covering maritime domain, security, tourism and culture, science, and technology.

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President Ram Nath Kovind to visit Japan

After the Philippines visit, President Kovind will be arriving in Tokyo on October 21. While in Japan, he will be attending the enthronement ceremony of Japan's Emperor Naruhito on October 22 where he will be joined by eminent personalities like Britain’s Prince Charles and Chinese Vice-President Wang Qishan.

According to officials, about 80 world leaders are expected at the ceremony and banquets, which will be held over two days. Royal families of the UK, Netherlands, Belgium, and Saudi Arabia are also among the invitees due to attend. During his visit to Japan, the President is not scheduled to attend any official bilateral talks but he is expected to attend both the court banquet hosted by Emperor Naruhito and Empress Masako and a state banquet hosted by the Japanese PM Shinzo Abe.

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(With ANI Inputs)