Ambassador of the Republic of Philippines Maria Agnes Cervantes has said that the Philippines-Pakistan trade volume stood at US$209 million, which was very low as compared to other members of the ASEAN region like Malaysia and Thailand, with whom Pakistan’s trade volume was almost US 2 billion and US 1.65 billion respectively. Speaking at a meeting during her visit to Karachi Chamber of Commerce & Industry (KCCI), she said, “Indeed, there is a huge potential between our two countries to do business together so the businessmen looking forward to expanding their trade, must look at Philippines which, being an exciting place, could serve as hub for distributing goods to ASEAN region.”
Honorary Consul General of Philippines in Karachi Dr. Imran Yousuf, Vice Chairman Businessmen Group Anjum Nisar, President KCCI Iftikhar Ahmed Sheikh, Vice President Tanveer Ahmed Barry, Chairman Diplomatic Mission & Embassies Liaison Subcommittee Farooq Afzal, Former Presidents Majyd Aziz and Iftikhar Ahmed Vohra along with KCCI Managing Committee Members were also present on the occasion.
Filipino Ambassador further stated that Karachi Chamber was, indeed, a very big Chamber which has huge potential for greater coordination and cooperation with Philippines in terms of business. “We would like to contribute towards greater exchanges of businesses between our two countries”, she assured, adding that most of Philippines’s exports were going to Europe and North America.
She further informed that the embassy has been issuing visas to those credible businessmen within seven days who actually want to visit Philippines for expanding businesses. “We are trying to further improve the visa issuance process.”
To a query, she said that KCCI’s endorsement was certainly taken into consideration instead of police clearance as the Embassy understands that KCCI has been issuing visa recommendation letters after carrying out high-quality screening.
Speaking on the occasion, Vice Chairman Businessmen Group Anjum Nisar pointed out that although trade balance was in favor of Pakistan but the trade volume between the two friendly was too low which needs special attention. “We have been mostly importing food stuff from Philippines which should be diversified by looking into the possibility of importing other products, particularly the high-quality electronics and semi-conductors.”
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 the countries. “We must work together to improve the existing trade volume to at least US$1 billion.”
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 resource in the IT sector.
Earlier President KCCI Iftikhar Ahmed Sheikh, while welcoming the Filipino Ambassador, stated that Pakistan’s exports to Philippines were about $123 million in FY23, which was much below its potential. “To boost the exports, there is 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 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 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 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 2nd to 4th, 2024, which provides significant platform for forging valuable business connections.