The Embassy of India in the Philippines on Tuesday launched the first India-Philippine Tech Summit (IPTS) to help boost economic and strategic partnership between the two countries through the use of digital technology.

In his speech during the IPTS at Shangri-La The Fort in Taguig City, Indian Ambassador to Manila Shambhu Kumaran cited the need for developing countries to develop partnerships amongst themselves —particularly in security, people-to-people ties, and the economy.

“With the arrival of AI (artificial intelligence), there will be further changes. There is a need for a partnership. And the summit is the beginning of that partnership,” Kumaran said.

The event, he said, would bring Indian entrepreneurs and their success stories in the digital space to the Philippines.

“For the Philippines, India offers an opportunity to study, adopt, synergize, and cooperate,” he added.

Specifically, the summit brought Indian ‘unicorns’—startup companies valued at over USD1 billion that are privately owned and not listed on a share market— as well as other startups in the areas of agriculture, health care and financial technology (fintech) to the Philippines.

“The IPTS 2024 will bring together a range of stakeholders in the digital domain and provide an unprecedented opportunity for networking as well as to explore mutually beneficial G2B (government-to-business) and B2B (business-to-business) partnerships,” he said.

On the other hand, Department of Information and Communications Technology (DICT) Secretary Ivan John Uy said the Philippine government remains keen to maintain its partnerships with the private sector.

To date, he said there are several agreements currently under negotiation with the Indian government on ‘cybersecurity’ and ‘digital transformation.’

“The summit is a fitting renewal of cooperation and celebration of the establishment of diplomatic ties between the two countries,” Uy said during a recorded speech.

The one-day IPTS was organized by the DICT and the Philippines Chamber of Commerce and Industry (PCCI) as well as India’s Ministry of Electronics and Information Technology (MEITy) and the Federation of Indian Chambers of Commerce and Industry (FICCI).

Around 300 participants from agriculture, health care and fintech companies as well as representatives of Philippine government agencies and businesses were expected to attend the event.

Angel investors, venture capital firms and incubators were also expected to participate.

Aside from networking opportunities, the summit also featured panel discussions from experts in the fields of agriculture, health care, and fintech. (PNA)