LCCI sees huge economic scope under new Malaysian PM

The Lahore Chamber of Commerce and Industry, while extending warm greetings to Dr Mahathir Mohamad on assuming the charge as Malaysia's seventh prime minister, termed it a good news for Pakistani economy as well. "Credit of Malaysia's economic development goes to Dr Mahathir who developed unparalleled economic policies and turned Malaysia into an economic power. New term of Dr Mahathir Mohamad has paved way for another economic revolution and Pakistan needs to avail this valuable and enhance its exports to Malaysia", said LCCI President Malik Tahir Javaid here on Friday.
The new era of economic development in Malaysia would create opportunities for Pakistani export-oriented industry that must be availed to the maximum as share of Pakistan in Malaysian imports of over $163.4 billion is meagre that can be enhanced through little efforts and Pakistani embassy in Malaysia can play an instrumental role in this regard, he said. Malik Thair said that Pakistan and Malaysia have close and cordial relations since long and this relationship is growing and strengthening with the passage of time but this should be reflected in mutual trade and economic ties.
He said that China, Singapore, Japan, USA, Thailand, South Korea and Indonesia are the major trade partners of Malaysia. It is a bit discouraging that Pakistan is not in this list despite good relations with Malaysia and having best-of-the-best products in the world. He suggested establishment of display centre for Pakistani products in Pakistani embassies abroad to grab the attention of foreign buyers.
The LCCI chief said the balance of trade has always been in favour of Malaysia and this situation is prevailing. Over the last five years this gap is constantly closing but still the total imports from Malaysia are six times of our exports to Malaysia.
He said the business community is trying its level best to make good use of FTA but there has to be some support provided by the Ministry of Commerce and especially commercial section of our High Commission in Malaysia. "We want to acquire some justifiable share in trade with Malaysia. There is a huge potential of exporting Pakistani rice, fresh fruits like citrus and mango to Malaysia" he maintained.