New Delhi: The Philippines is targeting India as a key partner in its nickel industry as part of a broader strategy to diversify its export markets, Foreign Affairs Secretary Enrique Manalo announced during an official visit to India. Manalo addressed the Federation of Indian Chambers of Commerce and Industry (FICCI) on Monday, highlighting the Philippines' position as the world's largest exporter of nickel ore, with an export value of approximately USD1.95 billion.

According to Philippines News Agency, Manalo emphasized that nearly 98 percent of the country's nickel exports currently go to China, with Japan importing the remaining 2 percent. "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," Manalo stated in a news release on Tuesday.

The Philippines, which accounts for 11 percent of global nickel production, was the world's second-largest producer of nickel in 2023. In contrast, India imports about USD707 million worth of raw nickel from countries such as Russia, Norway, and Japan.

The FICCI responded positively to Manalo's proposal, indicating that the supply realignment represents "a natural complementarity" between the two economies, which remains "largely unexploited."

According to the Indian Embassy in Manila, India's major imports from the Philippines include 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 other commodities.