Consul General of Malaysia, Abu Bakr Mamat has emphasised the need of creating awareness among manufacturers and traders about the benefits of Free Trade Agreement (FTA) so that they could exploit this facility to the maximum level. Speaking at a meeting of Korangi Association of Trade and Industry (KATI) on Thursday, he suggested holding a seminar or workshop to apprise the business community about FTA and its benefits.
He noted that since the FTA was inked between the two countries, two ways trade has resisted around 35 percent increase. He agreed that balance of trade in a favour of Malaysia and advised business community of Pakistan to explore Malaysian market, export branded items, maintain quality and standards to boost Pak export to Malaysia.
The diplomat said that Malaysia has signed FTA with ASEAN countries and Pakistani exporters can export their products to ASEAN members through Malaysia. He said that the present trade volume between the two brotherly countries is only 2.8 billion dollars which could be increased to manifold if the efforts would remain continued from both the sides.
Abu Bakr Mammat said that a Malaysian company is likely to initiate construction of dual carriageway from Karachi to Hyderabad next month. He informed that a local airline of Malaysia - Air Asia - is considering initiating its flight operation from Pakistan and will decide after the study of the potential of Pakistani destinations. Referring to Malaysian Airlines, which closed its operation to Pakistan, he clarified that closure of its operation to Pakistan is nothing to do with the law and order situation in Pakistan. The airline was not operating directly to Pakistan and its service was via UAE which was not viable.
Abu Bakar Mamat stated that Pakistan is the second largest country importing palm oil from Malaysia; exports of which comprise 80 percent of Malaysian trade. He said Malaysia has expertise in producing Halal meat, and ensuring animal hygiene and health. The Pakistani people can take advantage from Malaysia's experience in this regard, he said. He that economic ties between Pakistan and Malaysia needed to be further strengthened and for that businessmen from both countries required to exchange views exploring investment opportunities.
Replying to a question about rice import from Pakistan, he said that Malaysia is importing rice from Thailand and now it's a good opportunity for Pakistani rice exporters to penetrate Malaysia market and increase their exports. He invited trade delegation from KATI to visit Malaysia in orderr to explore Malaysian market He said tourism was there next biggest industry as more than 24 million tourists visit Malaysia every year.
Leader of Business community and Former President FPCCI, S M Muneer said that Muslim Commercial Bank (MCB) is planning to open its branches all the countries of the world. He said Pakistan looks to the Asia particularly Malaysia under its "Look to the East" policy and wants to improve its trade with Malaysia as Pakistan is enjoying brotherly and cordial relations with Malaysia.
He however showed his concern over the low volume of trade between the two countries saying that there is much bigger potential of bilateral trade lies between the two countries. He advised the Pakistani exporters to focus on quality and branded items' export to Malaysian market. The President, All Karachi Industrial Alliance, Mian Zahid Hussain said that the time has come to the Pakistani manufacturers to focus on eastern markets due to prevailing situation. The Chairman, KATI Ehteshamuddin invited Malaysian importers to visit Expo Pakistan being held in October in Karachi this year.
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