Tag Archives: Philippines

Philippines for Enhancing Trade Ties

on 27/03/2018

Pakistan and Philippines have agreed to enhance bilateral trade ties and explore investment opportunities at the Joint Economic Commission (JEC) meeting.

The two-day event was co-chaired by Secretary Economic Affairs Division, Arif Ahmed Khan and Deputy Minister of Industry Development and Trade Policy Group of Philippines, Dr Ceferino S. Rodolfo.The two countries agreed to re-activate the Pakistan Philippines Joint Business Forum and Council with the participation of Chamber of Commerce and Industry of Philippines and Federation of Pakistan Chamber of Commerce and Industry.

Pakistan offered Philippines investment opportunities in the power sector, particularly in the renewable energy and small hydro power projects. Training opportunities in the areas of hydrocarbon exploration, production, processing and survey were also offered by Pakistan.The two sides agreed to collaborate in the area of post-harvest management and processing of rice and banana.

Pakistan invited Philippines to invest in construction of highways on `Build, Operate and Transfer` (BOT) basis. Potential investment opportunities for Pakistani pharmaceutical and medical equipment manufacturing in the Philippines were presented on the occasion.The two countries agreed for exchange of visits between the officials of their respective central banks.

Both sides deliberated upon and agreed to review the proposals regarding revision of the convention on the `Avoidance of Double Taxation` between Pakistan and the Philippines and cooperation in matters related to the Customs. Detailed deliberations were held between experts of the two sides on trade, investment, energy, agriculture, tourism, health, industries and other matters of mutual interest. The two sides agreed to hold trade fairs, single country and product-based exhibitions in each other`s country on a regular basis. It was agreed to conduct feasibility studies on the possibility of `Preferential Trade Agreement` and for the formation of a technical working group within the JEC for this purpose.

World Bank to fund Peshawar-Kabul highway

on 02/05/2017

World Bank (WB) has agreed in principle to finance the mega project of building a highway between Peshawar and Kabul. This was disclosed by Finance Minister Ishaq Dar after his meeting with Vice President of WB for South Asian Region Ms. Annette Dixon in Washington in April. Discussing the current economic situation in Pakistan, Dar said WB had been a great partner in the country’s development. Talking to the Pakistani delegation, Ms Dixon said WB would like to work more closely with Pakistan. She appreciated the initiatives taken by the Pakistani government for putting economy on the path of sustainable economic development. During the course of discussion, Dar proposed to WB to finance a major project of constructing a highway from Peshawar to Kabul for improving regional connectivity. The World Bank has agreed in principle to finance the project. Dar also proposed that WB might consider leading a consortium to finance Diamer Bhasha Project. Dar said the government took concrete measures to bring structural changes for the sustainable economic development in the country. The minister said the government had established a Micro Finance Company to extend such facilities to the poorer segments of the society. He informed WB team that Pakistan was one of the leading countries for ensuring financial development in the country and for this purpose a strategy had been devised which was being implemented thoroughly. He said 10 more laws were being enacted which aimed at further facilitating the private sector. In response to a question about policy reforms in Pakistan, he remarked that the parliament had so far passed 24 laws to create conducive and enabling environment for growth and private sector investment. In yet another communication, WB Group President Jim Yong Kim has said that the multilateral lender does not plan to change its stance on financing alternative energy projects and mitigating the effects of climate change. Asked about the Trump administration’s scepticism about climate change at a news conference, Kim said WB would continue to work with governments and the private sector to boost financing for alternative energy, especially in China, India, Indonesia, the Philippines, Pakistan and Vietnam. “The science of climate change didn’t change with any particular election, and I don’t see that it will,” Kim said. “We have to be an evidence-based organisation,” he added.