Karachi, January 29, 2024 – In a recent meeting at the Karachi Chamber of Commerce & Industry (KCCI), the Ambassador of the Republic of the Philippines, Maria Agnes Cervantes, highlighted the substantial potential for increased trade between the Philippines and Pakistan.
Currently, the trade volume stands at a modest US$209 million, a figure considerably lower than Pakistan’s trade with other ASEAN members such as Malaysia and Thailand, which have reached US$2 billion and US$1.65 billion, respectively.
Ambassador Cervantes emphasized the untapped opportunities for bilateral trade, urging businesses to explore the Philippines as a strategic hub for distributing goods to the ASEAN region. She commended the Karachi Chamber for its significance and expressed her commitment to fostering greater cooperation between the two countries.
Accompanying her at the meeting were Honorary Consul General of the Philippines in Karachi, Dr. Imran Yousuf, Vice Chairman Businessmen Group Anjum Nisar, President of KCCI Iftikhar Ahmed Sheikh, and other prominent figures from the business community. The Filipino Ambassador acknowledged the KCCI’s role in facilitating trade and assured the audience that the embassy was working to streamline the visa issuance process for businessmen.
Responding to concerns raised by Vice Chairman Anjum Nisar about the low trade volume, Ambassador Cervantes noted that while the trade balance favored Pakistan, there was a need for diversification. Nisar proposed exploring opportunities beyond food imports, particularly in high-quality electronics and semiconductors.
The Vice Chairman stressed the importance of joint ventures and mutual exploration of trade and investment opportunities in sectors like agriculture, cement, pharmaceuticals, services, and IT. He envisioned boosting the trade volume to at least US$1 billion and highlighted the potential for expanding Pakistan’s IT exports, presenting an opportunity for Filipino businesses to tap into Pakistan’s skilled workforce.
President of KCCI Iftikhar Ahmed Sheikh underlined the need for a business-friendly environment to enhance bilateral trade relations. He pointed to potential collaboration in infrastructure development, including roads, power, and telecommunications, as well as opportunities within the Special Economic Zones (SEZs) under the China-Pakistan Economic Corridor (CPEC).
Sheikh advocated for easier visa processes for business delegations and proposed educational linkages between universities in both countries to strengthen educational ties. He also invited Filipino companies to participate in the upcoming My Karachi-Oasis of Harmony International Exhibition, scheduled for August 2nd to 4th, 2024, as a platform for forging valuable business connections.
As both nations strive to maximize their trade potential, the collaborative efforts outlined during the meeting signify a positive step toward strengthening economic ties between the Philippines and Pakistan. The commitment to exploring diverse sectors and fostering mutual growth suggests a promising future for the bilateral relationship.
