The Lahore Chamber of Commerce and Industry and Pakistan Embassy in Philippines will establish hotline-like contact to ensure timely exchange of trade and investment-related information. It was agreed at a meeting between Pakistan Ambassador in Philippines Dr Aman Rashid and LCCI President Abdul Basit here on Thursday. Speaking at the meeting, Dr Aman Rashid said that Philippines is a dynamic consumer market and has a vast scope for Pakistani pharmaceuticals, rice, textile yarns, leather and fresh fruits, particularly oranges.
The Pakistani Embassy in Philippines will extend maximum cooperation to the Pakistani business community, he added. Abdul Basit said the Lahore Chamber will make sector specific efforts for the volume of two-way trade. 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 very little segment of Philippines total import of these commodities from rest of the world, he added.
Pakistan is one of the largest producers of cotton and rice in the world. The aroma and quality of Pakistani rice is just superb. Pakistan has also a highly developed pharmaceutical industry. Businessmen of Philippines may consider the quality and price of these Pakistani products to economize on their cost of procurement. He said Pakistan could increase its import of vehicles, machinery, electrical and electronic equipment and mineral fuels from Philippines, he maintained.
He said that frequent exchange of business delegations and holding of single country exhibition would yield desired results. He said that exchange of business-related information could also help the respective societies to familiarize with each other. Economic cooperation stems out from a general feeling of mutual goodwill, he said.
The LCCI President said that being an agrarian economy, ample opportunities are available in food processing sector. Pakistan is deficient in post-harvest technology and would welcome transfer of technology from Philippines through joint ventures, he said.