9/3/06 KARACHI (Bernama) -- Pakistan businessmen are not satisfied with the level of trade and investment with Malaysia as there are lots of potential for growth, a top trade official said.

"There are lots of potential for growth in trade between both countries. The potential is there, the scope is there and there are lots of investment opportunities," the Karachi Chamber of Commerce and Industry president Haroon Farooki told Bernama here Wednesday.

Total exports to Pakistan by Malaysia was reported at RM2.6 billion last year while imports from Pakistan was only at RM0.19 billion.

The export items were palm oil, chemicals and chemical products, electrical & electronics products, machinery, appliances and parts, textile and clothings while imports include textile and clothings, seafood, cereal, vegetables, chemical and chemical products.

Farooki said this after welcoming the Malaysian women entrepreneurs delegates who is on a five-day trade mission to Pakistan beginning Tuesday.

The Association of Bumiputera Women Enterpreneur Network of Malaysia (WENA) had organised the first ever trade mission to Pakistan, in conjunction with the 3rd International Trade and Industry Fair (ITIF) Asia 2006.

Farooki said both Pakistan and Malaysia should strengthen their relationship as there is a need to focus on regional trade and to come out of the clutches of Europe and the United States.

Pakistan investment policy allows for 100 percent foreign ownership and repatriation of funds as the economic sectors are all open to foreign direct investment (FDI) and equal treatment are given to both local and foreign investors.

As to why Pakistan was bold enough to open up all its sectors to foreign investors, he said the country saw the need to alleviate poverty and to share technology.

Pakistan is confident of its potential and strength of its traditional industries, he said.

However, Farooki said the only distraction would be energy as the cost was quite expensive.

Karachi, with a population of 1.5 million, offers investment opportunities in oil and gas, agriculture, infrastructure, chemical, information technology, telecommunications, energy, mining, tourism, engineering and small and medium entreprises.

-- BERNAMA