LAHORE, March 8: With a sizeable consumer market and strategic location in a vast free-trade area, Philippines has unlimited business opportunities for Pakistan.

This was stated by Philippine Ambassador Jamie J. Yamboo while addressing businessmen at the Lahore Chamber of Commerce and Industry (LCCI) on Saturday. He said the areas for business with Philippines include electronics, construction material, marine products, organic and natural products, home furniture, giftware, holiday decor, auto parts and components, information technology and its related services.

Mr Yamboo said there was a need to activate framework of agreements on trade adding that the Philippines is an open economy and allows 100 per cent foreign ownership in all sectors.

He informed the LCCI members that in his country, the government corporations were being privatised and banking, insurance, shipping, telecommunications and power industries had been deregulated.

The ambassador said that with the current trade balance in favour of Pakistan, Philippines exports to this country increased by 7.26 per cent, while imports were up by 84 per cent.

Speaking on the occasion, LCCI president Mohammad Ali Mian assured his chamber’s full cooperation in increasing the volume of two-way trade. Despite 169 per cent increase in trade between the two countries over the last four years, the both have a lot of potential to expand trade, he added.

He said Pakistan’s major exports to Philippines, include cotton, cereals and pharmaceutical products, but these form a very little component of Philippines total import of these products from other sources.

Pakistan is one of the largest producers of cotton and rice in the world and the aroma and quality of its rice is just superb. It has also a highly developed pharmaceutical industry, he said adding that the Philippine businessmen may consider the quality and price of these Pakistani products to economise on their cost of procurement.

Likewise, Pakistan can increase its import of vehicles, machinery, electrical and electronic equipment and mineral fuels from Philippines, he maintained.

Ali Mian said that frequent exchange of business delegations and holding of single country exhibitions always yield good results in promoting trade.

The LCCI president said that being an agrarian economy, ample opportunities existed in agro-based and food processing sector. Pakistan is deficient in post-harvest technology and would welcome transfer of technology from Philippines through joint ventures, he added.—APP