Ambassador of the Republic of the Philippines, Maria Agnes Cervantes, emphasized the untapped potential for trade between Pakistan and the Philippines during a meeting at the Karachi Chamber of Commerce & Industry (KCCI). The current trade volume between the two countries stands at US$209 million, significantly lower than Pakistan’s trade with other ASEAN members such as Malaysia and Thailand, with volumes of almost US$2 billion and US$1.65 billion, respectively.
Cervantes urged Pakistani businessmen to consider the Philippines as an exciting hub for distributing goods to the ASEAN region. Speaking at the KCCI, she expressed the need for greater coordination and cooperation between the Karachi Chamber and the Philippines to boost exchanges and trade.
The ambassador assured that the Philippines embassy is working to streamline the visa issuance process and is committed to facilitating credible businessmen’s visits within seven days. She acknowledged the Karachi Chamber’s endorsement and emphasized the potential for increased trade, especially in sectors like electronics and semiconductors. Vice Chairman of the Businessmen Group, AnjumNisar, highlighted the need to diversify imports from the Philippines, suggesting a focus on high-quality electronics and semiconductors.
Nisar stressed the importance of exploring joint ventures in sectors such as agriculture, cement, pharmaceuticals, services, and IT. He also suggested that both countries work together to improve the existing trade volume to at least US$1 billion.
President of Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh, underscored the potential in areas like infrastructure development, electronics, and banking. Karachi Chamber of Commerce & Industry (KCCI). encouraged Filipino companies to explore joint ventures and investments within the Special Economic Zones under the China-Pakistan Economic Corridor (CPEC) to boost bilateral trade. President Sheikh also emphasized the need to simplify the visa process for business delegations, foster educational linkages between universities in both countries, and enhance research collaborations.
The meeting aimed to promote stronger business connections and stimulate sustainable economic growth through increased bilateral trade relations.
