Pakistan and Malaysia have decided to expedite their trade relations by entering in to joint ventures in various fields. The decision to this effect was taken in a meeting between the LCCI President, Mian Misbah ur Rehman and Ramli Ahmad, Managing Director of Business Development and Marketing Preferred Engineering, Contractors Developers from Malaysia here on Friday. The LCCI Senior vice President Sohail Lashari, Vice-President Sheikh Mohammad Arshad and Ghulam Sarwar Malik also attended the meeting.
The LCCI president said that Malaysia was one of the stable economies of the world and was a model of economic success. Pakistan is gifted with sufficient raw material, cheap and abundant labour, easy access for marketing to third country destinations like Central Asian Republics and Gulf States, he said. "We will be more than willing to have co-operation in all the fields of trade with the Malaysian businessmen," he said.
Pakistan's investment policy is unique in the sense that it not only encourages foreign investment in industrial sector but also opens oil, gas and agriculture sectors for investment. Tourism, Housing and Construction sectors have been given the status of Industry with a facility to import plan, machinery and equipment, not manufactured locally, at custom duty of 5 percent and zero rated sales tax, he added.
There are ample opportunities for establishing joint ventures in Pakistan in construction, pharmaceutical, oil & gas, transport vehicles, auto parts, agriculture tools and machinery, cement, sugar, petro chemicals, telecommunication, hi tech and light engineering, electronic goods and software development, leather and textile products, chemicals, fertilisers, food processing and packaging, infrastructure development and industrial estates/export processing zones in the country, he concluded.
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