The Philippines is courting India as a new trade partner in nickel – a move analysts say reflects Manila’s push to be less dependent on China and become a key supplier for New Delhi’s growing manufacturing ambitions.
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During his visit to India on Monday, Philippines’ Foreign Affairs Secretary Enrique Manalo said that his country was “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”.
The Philippines is the world’s largest exporter of nickel ore, primarily used in making lithium-ion batteries. Its exports are valued at US$1.95 billion a year, accounting for 11 per cent of the world’s global production.
“Currently, nearly 98 per cent of our exports go to China, with Japan importing the remaining 2 per cent,” Manalo said in a statement on Tuesday.
Noting that India imported about US$707 million worth of raw nickel from Russia, Norway and Japan, he suggested that bringing the Philippines into the supply chain could help both countries “harness their complementarity”.
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