Musharraf urges more trade, jt ventures between RP, Pakistan

Visiting Pakistani President Pervez Musharraf yesterday urged more trade, investments and joint ventures between the Philippines and Pakistan during his speech before the joint meeting of the Philippine Chamber of Commerce and Industry (PCCI), the Makati Business Club (MBC), the Management Association of the Philippines (MAP), Philippines, Inc., and the Federation of Filipino Chinese Chamber of Commerce and Industry (FFCCCI) at the Manila Hotel.

According to Musharraf, trade figures show that the Philippines was able to export $13.1 million worth of goods to Pakistan, but only bought $12. 1 million worth of Pakistani goods.

Pakistan sources automotive parts and machinery from the Philippines, while the Philippines buys textiles, yarns and foodstuffs from Pakistan.

However, Musharraf said, Pakistan has a lot more to offer.

For instance, the Pakistani leader said, Pakistan has one of the best quality of rice which it ships to Europe and comprises 60 percent of the country’s total exports.

While the Philippines does buy Pakistani rice, Musharraf said, it could increase its rice imports from Pakistan.

Pakistan, Musharraf added, also has marble, gemstones and footwear.

The Philippines’ imports of such products, he noted, is not as substantial as other countries.

Pakistan, Musharraf disclosed, is the fifth largest producer of milk and dairy products and would, therefore be interested in joint ventures in agro-based industries.

Likewise, he said, there is also a lot of joint venture opportunities in fruits and vegetable production.

Musharraf also invited Filipino businessmen to invest in Pakistan which he assured can offer security, profitability and cheap labor to investors.