Pakistani traders can access Asian bloc thru Malaysia: Envoy

Attention: open in a new window. PDFPrintE-mail

Pakistani traders can access Asian bloc thru Malaysia: Envoy

KARACHI Consul General of Malaysia Abu Bakar Mamat has proposed that Pakistan can use Malaysia as a central point of market access to ASEAN countries and enjoy trade/ distribution of Pakistani products to ASEAN/ Far East countries as Malaysia is the signatory of ASEAN Free Trade Agreement.

He recognised Karachi Chamber of Commerce and Industries being the largest chamber and Karachi being the commercial and industrial hub of Pakistan which holds significant status and attraction for Malaysia.

While exchanging views with Haroon Agar President KCCI, he conversed that 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 that 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. He appreciated that Pak-Malaysia friendly relations were deep-rooted and fortifying with the passage of time.

Malaysian palm oil exported to Pakistan is of better quality as compared to other countries. Commenting on the trade imbalance he said that the Pakistan business community has to play its effective role to capture their export share to Malaysia and his consulate will extend best cooperation in this regard.

He said that presently the Trade Commission was operating from Mumbai-India however, efforts were underway to establish in Pakistan. He said that 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 said that Pakistan is the 5th largest dairy and milk producer and holds 145 million of livestock and suggested Pakistani companies to tap the potential of Halal Food Sector in the form of joint ventures and establishing “Halal Food Authority” in Pakistan. He also highlighted that Malaysian Universities were offering quality education on low-fee structure and more than 3000 Pakistani students were already studying in Malaysia.

Muhammad Haroon Agar, President KCC said 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. Presently the balance of trade is in favour of Malaysia which requires a narrow-down while increasing the Pak exports to Malaysia.

President KCCI Haroon Agar stressed on the need to address the trade imbalance by diversifying trading products besides palm oil. He suggested that 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 that Malaysia imports such products from neighbouring countries.

He said that 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.

Courtesy:  Nation

Forex open Market rates & comments Archive

Login Form