Pakistani firms want to invest in PHL, says envoy

Pakistani companies are interest in investing in the Philippines particularly in agriculture, defense, information technology (IT) and pharmaceuticals, the Department of Finance said on Wednesday.

In a meeting with Finance Secretary Carlos Dominguez III on November 29, Pakistani Ambassador to Manila Safdar Hayat said pharmaceutical firms in Pakistan want to invest in the Philippines while other companies are interested in technology transfer in fruit processing and IT where the Philippines has greater expertise, the DOF said in a statement.
 
“My efforts from the very beginning have been to concentrate on enhancing trade between the two countries,” according to the Pakistani envoy.
 
Pakistan is also interested in exporting rice along with weapons, tanks, aircraft and submarines to the Philippines.
 
"Pakistan could also export textiles to, and import chemicals and manufactured goods from, the Philippines," Hayat said.
 
Dominguez supposedly agreed with Hayat on the need to improve economic relations between their countries and raised the possibility of importing Basmati rice from Pakistan when the government lifts the quantitative restrictions on the grain next year.
 
Dominguez and Hayat agreed that the first meeting of the Joint Economic Commission, tentatively set in April next year, would be a mutually beneficial "starting point" for improved trade relations between the two countries.
 
The governments of Pakistan and the Philippines have ratified the creation of a Joint Economic Commission on August 17, 2009 to promote trade and investment between the two countries.
 
“We’ll certainly participate. That will be a good start,” Dominguez said when informed by Hayat about the joint commission meeting.
 
Hayat also sought Dominguez’s support in inviting Philippine business leaders to the event as part of continuing efforts to improve bilateral trade and investment cooperation.
 
According to the DOF, bilateral trade between Islamabad and Manila has a narrow base with Philippine exports to Pakistan totaling $61.3 million and imports amounting to $55.7 million as of 2014.
 
The top Philippine exports to Pakistan include corn, vehicles and vehicle parts, cigarette paper, malt extract and processed fruits and nuts.
 
The Philippines, in turn, imports packaged medicaments, refined petroleum, alcohol, raw tobacco, non-retail pure cotton yarn and textiles from Pakistan.
 
Dominguez noted the Philippine Department of Defense is interested in importing weapons from Pakistan, which has a robust and advanced defense industry.
 
“I spoke with the (Pakistani) Minister of Defense and my understanding is that the defense industry in Pakistan is very advanced, and that maybe we should look at purchasing military equipment from them and he said that he definitely would look at it,” the Cabinet official said.
 
“I spoke right away with (Defense Secretary Delfin) Lorenzana. He says the equipment in the Pakistan Defense Ministry is very good,” he added. — Ted Cordero/VDS, GMA News