LAHORE, Feb 13: Ambassador of Philippines Jaime J Yambao has said that Philippines, with dynamic consumer market, has very high scope for Pakistani businessmen dealing in pharmaceuticals, rice, textile yarns, leather and fresh fruits, particularly oranges.

He was speaking at the Lahore Chamber of Commerce and Industry here on Friday.

LCCI President Mian Muzaffar Ali, Executive Committee Member Shahzad Azam Khan and Khamis Saeed Butt also spoke.

The ambassador said that the Philippines would continue to be the heavy importer of these products. It could be a major buyer of rice from Pakistan in near future as it does not have enormous natural irrigation system.

He said opportunity areas for business with the Philippines based on upward trends in exports, including electronics, construction material, marine products, organic and natural products, home furniture, gift-ware, auto parts and components, IT and IT-enabled services.

The ambassador said there is a need to activate framework of agreements on trade and economic ties.

He said that the great potential for expansion in trade and economic relations between the two countries could be successfully tapped through increased contacts between the business sectors.

He said that Philippines is an open economy and allows 100pc foreign ownership in all sectors.

Government corporations are being privatised and banking, insurance, shipping, telecommunications and power industries have been deregulated.—APP