ISLAMABAD, MAY 22 /DNA/ – Ambassador of the Republic of the Philippines to Pakistan, Dr. Emmanuel R. Fernandez, visited the Islamabad Chamber of Commerce and Industry (ICCI) and held an interactive session with the business community to discuss opportunities for enhancing bilateral trade, investment and economic cooperation between Pakistan and the Philippines.
The Ambassador described the Philippines as an attractive investment destination and an important gateway to ASEAN markets due to its strategic location in Asia. Through a detailed presentation, he highlighted the Philippines’ economic strengths, stating that the country serves as an important entry point to the ASEAN region due to its strategic location in the heart of Asia. He noted that the Philippines offers access to one of the world’s largest consumer markets and provides extensive opportunities for foreign investors.
He highlighted investment opportunities in manufacturing, renewable energy, agribusiness, IT, healthcare, tourism, real estate and construction sectors. He informed participants that the Philippines offers incentives including income tax holidays of up to seven years, duty-free imports and VAT exemptions.
The Ambassador particularly emphasized the potential for joint ventures in Halal food products for ASEAN markets and stressed the importance of stronger business-to-business contacts, exchange of trade delegations and cooperation in multiple sectors. He assured the business community of the Embassy’s full support and facilitation, especially for ICCI members for the purpose.
Earlier, President Islamabad Chamber of Commerce and Industry, Sardar Tahir Mahmood, welcomed the Ambassador and said that Pakistan and the Philippines have vast untapped potential to enhance bilateral trade and economic relations. He noted that Pakistan exports textiles, pharmaceuticals, rice, leather products, sports goods and surgical instruments to the Philippines, while imports include electronic equipment, machinery, chemicals and processed food products.
Sardar Tahir Mahmood observed that despite strong diplomatic ties, bilateral trade remains below potential. He stressed the need for improved connectivity, exchange of business delegations and organization of single-country exhibitions to promote trade and investment cooperation. He reaffirmed ICCI’s commitment to strengthening commercial linkages with the Philippines.
Senior Vice President ICCI Tahir Ayub highlighted the importance of private-sector collaboration and called for joint ventures and technology transfer between the two countries.
Former President ICCI and Chairman Standing Committee on Diplomatic Affairs Zafar Bakhtawari termed ASEAN a successful model of regional cooperation and emphasized greater collaboration in value-added sectors.
Chairman ICCI Standing Committee on ASEAN Ch. Muhammad Ali said that stronger engagement with the Philippines would improve Pakistan’s access to ASEAN markets and stressed the importance of direct flights between the two countries.
Former President ICCI Mian Shaukat Masood emphasized cooperation between IT companies of both countries for mutual benefit.
Chairman and Editor-in-Chief of Daily Pakistan Observer, Faisal Zahid Malik, who also attended the session, termed the ICCI initiative a significant step toward strengthening Pakistan’s relations with ASEAN states.
Among others present on the occasion were Ms. Rain R. Mendoza, Third Secretary and Vice Consul at the Embassy of the Philippines, ICCI Vice President Irfan Chaudhry, Executive Members Waseem Chaudhry, Zulqurnain Abbasi, Rohail Anwar Butt and Ishaq Sial, former Senior Vice President Khalid Chaudhry, senior member Israr Mishwani and a large number of business leaders.
