MARKET DEVELOPMENT
‘Pakistan, Malaysia to Find Areas of Mutual Cooperation to Boost Trade’
‘Pakistan, Malaysia to Find Areas of Mutual Cooperation to Boost Trade’
06/06/2013 (Daily Times) - Pakistan and Malaysia have to find new areas of mutual cooperation and try to further boost trade and economic ties.
Full advantage of Pak-Malaysia Free Trade Agreement (FTA) need to be taken to boost bilateral trade volume which still far behind from its existing potential, said Haroon Agar President Karachi Chamber of Commerce and Industry (KCCI) at a meeting with Consul General of Malaysia Abu Bakar Mamat. Trade Commissioner Malaysia External Trade Development Corporation Noraslan Hadi Abdul Kadir accompanied him.
Presently the balance of trade is in favour of Malaysia, which requires a narrow-down while increasing the Pak exports to Malaysia, he said.
He stressed on the need to address the trade imbalance by diversifying trading products besides palm oil. He suggested one way of doing this would be to increase the volume of exports of non-basmati rice, halal food products and frozen seafood to Malaysia given the sizeable demand and the fact Malaysia imports such products from neighbouring countries.
There is ample goodwill for expansion of trade and establishment of Joint Ventures in various industrial sectors including ship breaking, pharmaceuticals, palm oil refining, food processing, sports goods and construction sectors.
Malaysia is also availing the services of large number of Pakistanis highly qualified professionals in the field of engineering, health and medicine. Malaysia Special Economic Zone in Karachi will act as cornerstone as the Special Economic Zone law was passed by the government, he added.
He articulated through FTA, Pakistan has given market access to Malaysia on basic raw materials, intermediate goods and machinery and consequently Malaysia should provide market access to Pakistan for its core import products like rice, fruits and vegetables, seafood, beverages, confectionary, gems and jewellery, cotton yarn, cotton fabric, blankets, bed linen, other home textile products medicaments and surgical instruments etc.
Medical Tourism is strong sector in Malaysia and Pakistan may seek its help to develop this sector in Pakistan. Malaysian investment in Islamic Banking sector would be a welcome addition. He highlighted possibilities of low-cost housing projects in Karachi by Malaysian companies.
Frequent exchange of trade delegations, regular exchange of trade information and organising of single country exhibitions will enhance trade. He urged the Consul General to play his part to convince the Malaysian tourist to visit Pakistan.
He extended invitation to Malaysian companies to participate in the 10th ‘My-Karachi, Oasis of Harmony Exhibition scheduled in July 5 to 7, 2013.
Abu Bakar Mamat conversed Malaysia desires to centralise its trade with Pakistan and in this connection a high profile business delegation of 30 leading Malaysian companies is visiting Pakistan on the juncture of Expo Pakistan 2013 scheduled in September for B2B and business interactions.
He apprised subsequent to signing of Preferential Trade Agreement between Pakistan and Indonesia, the Malaysian palm oil export to Pakistan faced decline drastically from 90 percent to between 55 to 60 percent.
Malaysian palm oil exported to Pakistan is of better quality as compared to other countries.
Commenting on the trade imbalance he said Pakistan business community has to play its effective role to capture their export share to Malaysia and his consulate would extend best cooperation in this regard.
He proposed Pakistan could use Malaysia as a central point of market access to ASEAN countries and enjoy trade/distribution of Pakistani products to ASEAN/Far East countries and Malaysia is the signatory of ASEAN Free Trade Agreement.
He said presently the Trade Commission was operating from Mumbai-India however efforts were underway to establish in Pakistan.
Malaysia is one of the leading Foreign Direct Investors in Pakistan and his country holds shares in MCB Bank and some other areas including a Palm Oil Refinery at Port Qasim.
He highlighted Malaysian universities were offering quality education on low-fee structure and more than 3,000 Pakistani students were already studying in Malaysia.
Full advantage of Pak-Malaysia Free Trade Agreement (FTA) need to be taken to boost bilateral trade volume which still far behind from its existing potential, said Haroon Agar President Karachi Chamber of Commerce and Industry (KCCI) at a meeting with Consul General of Malaysia Abu Bakar Mamat. Trade Commissioner Malaysia External Trade Development Corporation Noraslan Hadi Abdul Kadir accompanied him.
Presently the balance of trade is in favour of Malaysia, which requires a narrow-down while increasing the Pak exports to Malaysia, he said.
He stressed on the need to address the trade imbalance by diversifying trading products besides palm oil. He suggested one way of doing this would be to increase the volume of exports of non-basmati rice, halal food products and frozen seafood to Malaysia given the sizeable demand and the fact Malaysia imports such products from neighbouring countries.
There is ample goodwill for expansion of trade and establishment of Joint Ventures in various industrial sectors including ship breaking, pharmaceuticals, palm oil refining, food processing, sports goods and construction sectors.
Malaysia is also availing the services of large number of Pakistanis highly qualified professionals in the field of engineering, health and medicine. Malaysia Special Economic Zone in Karachi will act as cornerstone as the Special Economic Zone law was passed by the government, he added.
He articulated through FTA, Pakistan has given market access to Malaysia on basic raw materials, intermediate goods and machinery and consequently Malaysia should provide market access to Pakistan for its core import products like rice, fruits and vegetables, seafood, beverages, confectionary, gems and jewellery, cotton yarn, cotton fabric, blankets, bed linen, other home textile products medicaments and surgical instruments etc.
Medical Tourism is strong sector in Malaysia and Pakistan may seek its help to develop this sector in Pakistan. Malaysian investment in Islamic Banking sector would be a welcome addition. He highlighted possibilities of low-cost housing projects in Karachi by Malaysian companies.
Frequent exchange of trade delegations, regular exchange of trade information and organising of single country exhibitions will enhance trade. He urged the Consul General to play his part to convince the Malaysian tourist to visit Pakistan.
He extended invitation to Malaysian companies to participate in the 10th ‘My-Karachi, Oasis of Harmony Exhibition scheduled in July 5 to 7, 2013.
Abu Bakar Mamat conversed Malaysia desires to centralise its trade with Pakistan and in this connection a high profile business delegation of 30 leading Malaysian companies is visiting Pakistan on the juncture of Expo Pakistan 2013 scheduled in September for B2B and business interactions.
He apprised subsequent to signing of Preferential Trade Agreement between Pakistan and Indonesia, the Malaysian palm oil export to Pakistan faced decline drastically from 90 percent to between 55 to 60 percent.
Malaysian palm oil exported to Pakistan is of better quality as compared to other countries.
Commenting on the trade imbalance he said Pakistan business community has to play its effective role to capture their export share to Malaysia and his consulate would extend best cooperation in this regard.
He proposed Pakistan could use Malaysia as a central point of market access to ASEAN countries and enjoy trade/distribution of Pakistani products to ASEAN/Far East countries and Malaysia is the signatory of ASEAN Free Trade Agreement.
He said presently the Trade Commission was operating from Mumbai-India however efforts were underway to establish in Pakistan.
Malaysia is one of the leading Foreign Direct Investors in Pakistan and his country holds shares in MCB Bank and some other areas including a Palm Oil Refinery at Port Qasim.
He highlighted Malaysian universities were offering quality education on low-fee structure and more than 3,000 Pakistani students were already studying in Malaysia.