ISLAMABAD, May 22 (IN): Ambassador of the Republic of the Philippines to Pakistan, Dr. Emmanuel R. Fernandez, visited the Islamabad Chamber of Commerce and Industry and held an interactive session with the business community to explore avenues for enhancing bilateral trade, investment and economic cooperation between Pakistan and the Philippines.Addressing the session, the Ambassador described the Philippines as an attractive investment destination and a key gateway to ASEAN markets because of its strategic location in Asia.
Through a detailed presentation, he highlighted the country’s growing economic potential and access to one of the world’s largest consumer markets, offering extensive opportunities for international investors.He identified major investment prospects in sectors including manufacturing, renewable energy, agribusiness, information technology, healthcare, tourism, real estate and construction. The Ambassador also informed participants that the Philippines provides investor-friendly incentives such as income tax holidays of up to seven years, duty-free imports and VAT exemptions.Emphasizing stronger economic engagement between the two countries, Dr. Fernandez underlined the vast potential for joint ventures in Halal food products targeting ASEAN markets. He stressed the importance of expanding business-to-business contacts, exchange of trade delegations and cooperation across multiple sectors, assuring the business community of the Embassy’s full support and facilitation, particularly for ICCI members.Earlier, President ICCI Sardar Tahir Mahmood welcomed the Ambassador and said Pakistan and the Philippines possess significant untapped potential for expanding 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.He observed that despite cordial diplomatic relations, bilateral trade volume remains below its true potential. He called for improved connectivity, regular exchange of business delegations and organization of single-country exhibitions to strengthen trade and investment cooperation. He also reaffirmed ICCI’s commitment to enhancing commercial ties 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 described ASEAN as a successful model of regional cooperation and stressed greater collaboration in value-added sectors.Chairman ICCI Standing Committee on ASEAN Ch. Muhammad Ali said stronger engagement with the Philippines would improve Pakistan’s access to ASEAN markets and emphasized the importance of direct flights between the two countries.Former President ICCI Mian Shaukat Masood also stressed enhanced cooperation between IT companies of Pakistan and the Philippines for mutual benefit.The session was attended by senior ICCI officials, members of the Philippine Embassy and a large number of business leaders and entrepreneurs.
