8 May 2019 (Business Recorder) Consul General of Malaysia, Khairul Nazran ABD Rahman has urged Pakistani business community not to focus only on traditional trade items like textile, palm oil etc, but also to diversify their product range, which may include mango, vegetables and other items.

Speaking at "Appreciation Award 2019" organized by Pakistan-Malaysia Friendship Association (PMFA), he said that Malaysia will continue to cooperate with Pakistan on matters of mutual interest for the benefit and interest of the two countries and the region.

"Malaysia and Pakistan are good friends and partners. We have been collaborating in the various sectors to increase bilateral trade between both countries. Appreciating the role of the PMFA," he said that no doubt, the major cornerstone of our relations is trade and investment. In 2018, Malaysia's total trade with Pakistan increased by 2.5% to $1.47 billion from $1.34 billion in 2017.

Palm oil remained as Malaysia's important export item to Pakistan. In 2018, Pakistan imported 1.42 million metric tons' palm oil and palm products from Malaysia worth RM3.27 billion, an increase of 4.19% in volume from 1.37 million metric tons worth RM3.43 billion in 2017.

This placed Pakistan as the fourth largest importer of Malaysian palm oil and palm products. We definitely intend to engage Pakistan more in this sector. In 2018, among South Asian countries, Pakistan was Malaysia's 3rd largest trading partner.

He further said that the Free Trade Agreement (FTA) is thus far has yet to nurture satisfactory volume of trade between our nations. We need to work together. The private sector particularly needs to capitalize the immense potential lies within the FTA with tariff reduction on various items. "I am also optimistic that Pakistani Government would consider eliminating the relevant Regulatory Duties as adequate tariff were imposed on the relevant items under the Malaysia-Pakistan FTA."

Advisor to Chief Minister Sindh, Pir Noorullah Sahib said that there is a long history of cooperation between two countries and great potential for increasing bilateral trade. Pakistani businessman should explore Malaysia's growing Halal products market and invest in meat and poultry products.

President of Pakistan Malaysia Friendship Association(PMFA), Shahid Jawed Qureshi said that PMFA since its inception in 2005 has been playing a significant role and contribution towards further consolidating the bilateral relationship between the two brotherly countries of Pakistan and Malaysia in the areas of trade, tourism, education, and health.

The objective of awards giving function is to recognize and acknowledge those Pakistani companies, mostly members of PMFA, which are doing businesses with Malaysia and contributing indirectly towards promoting the bilateral trade.

He said that EDOTCO invested $130 million in Pakistani Telecom sector and plan to expand their business, will invest $250 million in next two years. He said that tourism is an emerging area, where Pakistan and Malaysia can explore opportunities and PMFA can play a role in this regard in cooperation with the relevant tourism agencies in both countries.

"I take this opportunity to mention here that the Malaysian High Commissioner and Consul General at Karachi are playing a proactive role in promoting the bilateral relations and PMFA especially thanks to them for joining hands with us to hold this Appreciation Awards ceremony.

Shahid Jawed Qureshi announced that this awards ceremony will be a regular feature and the next one will be organized in the year of 2020 in which more sectors for awards will be added. The PMFA intends to organize a seminar after EID on 'Pakistan Malaysia Free Trade Agreement (FTA), as there is a lack of awareness about FTA in Pakistani businessmen.

Consul General presented Awards on Best Trade with Malaysia to EDOTCO Pakistan, Sunlight Wood products, Mapak Edible oils, Progressive Traders, Pacific Commodities, Paspida, Oasis Travel, Greenland Travel & Tours. Shahid Jawed Qureshi, president, Pakistan Malaysia Friendship Association. Director EDOTCO Rehan Farooqi, Director, Sunlight Wood products Hassan Jaffrani, Senator Abdul Haseeb Khan and Khalid Tawab also attend the event.