LAHORE, Dec 4: Philippines, with a dynamic and sizeable consumer market and strategic location in a vast free trade area, has unlimited business opportunities for Pakistani businessmen.

The ambassador of Philippines, Jamie J Yamboo, said this on Monday while speaking to the members of the Lahore Chamber of Commerce and Industry (LCCI).

“Philippines’ exports to Pakistan have increased by 7.26 per cent and imports have gone up by 84 per cent while a significant rise has been witnessed in export and import of construction material and other consumer products,” he said.

“The opportunity areas for business with the Philippines include electronics, construction material and marine products,” he said, adding there was a need to activate a framework of agreements on trade and economic ties.

Yamboo observed that his country had an open economy where 100 per cent foreign ownership in all sectors is allowed.

Speaking on the occasion, the LCCI President, Mr Shahid Hassan Sheikh, extended his full cooperation to the ambassador for increasing the volume of two-way trade.

He said that despite an increase of 169 per cent in the trade between the two countries during the last four years, both the countries have a lot

of potential to expand their trade.

He said Pakistan's major exports to Philippines include cotton, cereals and pharmaceutical products, but these form a little segment of Philippines total imports of these commodities from the rest of the world.

The Lahore Chamber of Commerce and Industry President said frequent exchange of business delegations and holding of single-country exhibitions would yield results and break the ice.

“Exchange of information through websites, printed matter and cultural events can also help respective societies familiarize with each other,” he said. —APP