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KARACHI, Jan 29 (APP):Ambassador of the Republic of Philippines Maria Agnes Cervantes highlighting the huge bilateral trade potential between Pakistan and the Philippines urged businessmen to look at the Philippines which could serve as a hub for distributing goods to the ASEAN region.
She, while speaking at a meeting during her visit to the Karachi Chamber of Commerce and Industry (KCCI), said that the Philippines-Pakistan trade volume stood at US$209 million which was very low as compared to other members of ASEAN region like Malaysia and Thailand with whom Pakistan’s trade volume was almost US$2 billion and US$1.65 billion respectively.
She stated that KCCI as a major chamber of the country has huge potential for greater coordination and cooperation with the Philippines and we would like to contribute towards greater exchanges of businesses between the two countries.
The envoy further informed that the embassy has been issuing visas to credible businessmen within seven days who want to visit the Philippines to expand business and it was trying to further improve the visa issuance process.
Speaking on the occasion, Vice Chairman Businessmen Group Anjum Nisar pointed out that although the trade balance was in favor of Pakistan the trade volume between the two friendly was too low which needs special attention.
He stressed the need to collectively explore trade and investment opportunities and undertake mutually beneficial joint ventures in potential sectors including agriculture, cement, pharmaceutical, services and IT sectors, besides promoting tourism opportunities in both countries.
Anjum Nisar was of the view that there were good chances of improving Pakistan’s IT exports to US$10 billion in the next couple of years, which will also be a good opportunity for Filipino businesses to benefit from Pakistan’s talented human resources in the IT sector.
Earlier President KCCI Iftikhar Ahmed Sheikh stated that to boost the exports, there was a need to target available opportunities, promote a business-friendly environment, and establish strong business connections to strengthen bilateral trade relations between the two countries.”
He said that there was immense potential in areas such as infrastructure development including roads, power and telecommunications, electronics and banking. “The Special Economic Zones (SEZs) under the China-Pakistan Economic Corridor (CPEC) serve as impactful mechanisms for stimulating both domestic and foreign investments, playing vital roles in accelerating sustainable economic growth”, he said, adding that Filipino companies can have the opportunity to explore joint ventures and investments within the SEZs under CPEC to boost bilateral trade between the two countries.
He also stressed the need to make the visa process easier for business delegations which would strengthen business and trade ties between the two countries. “Both countries may also create educational linkages between universities in Pakistan and the Philippines to strengthen educational ties and to enhance the quality of education and research in Pakistani universities.”
Both nations can share creative concepts in the tourism sector, fostering intercountry tourism development through collaborative efforts and joint ventures, he added while inviting Filipino companies to participate in the upcoming My Karachi-Oasis of Harmony International Exhibition scheduled to be staged from August 2 to 4, 2024, which provides a significant platform for forging valuable business connections.