THE PHILIPPINES is eyeing India as a major player in its nickel sector in a bid to diversify exports, Foreign Affairs Secretary Enrique Manalo said.
Speaking before the Federation of Indian Chambers of Commerce and Industry (FICCI) during his official visit to India on Monday, Manalo touted that the Philippines stands as the world’s largest exporter of nickel ore, with exports valued at approximately USD1.95 billion.
"Currently, nearly 98 percent of our exports go to China, with Japan importing the remaining 2 percent,” he said in a news release Tuesday.
“We are quite interested to see India become a player in our nickel sector, not just for export diversification but crucially for processing and development of a value chain,” he added.
The Philippines accounts for 11 percent of the global production of nickel and was the world’s second-largest producer of nickel in 2023.
Currently, India imports about USD707 million worth of raw nickel from Russia, Norway and Japan.
The FICCI said Manalo’s pitch for supply realignment represents “a natural complementarity” between the two economies which remain “largely unexploited."
According to the Indian Embassy in Manila, majority of India’s imports from the Philippines are electrical machinery; semiconductors; ores, slag and ashes; copper; lead; plastics; pearls and precious stones; residue and waste from the food industry; and animal fodder, among others. (Joyce Ann L. Rocamora)
No comments:
Post a Comment