Pakistan and Malaysia on Sunday agreed to set up joint investment company and announced that the Free Trade Agreement (FTA) between the two countries, to be signed by the end of 2006, would give further boost to their trade and economic relations.
Prime Minister Shaukat Aziz and his Malaysian counterpart Abdullah Ahmed Badawi, during their one-on-one meeting and later at the delegation level talks, covered a wide spectrum of bilateral ties between their countries.
"I am happy at the outcome of bilateral talks...It is my hope to see our bilateral relations are further expanded and deepened," the Malaysian leader told reporters at a joint press briefing with Prime Minister Shaukat at Prime Minister House.
Shaukat said that Pakistan and Malaysia have agreed, in principle, to set up a joint investment company to provide institutional framework for investment in each other's country.
He said that the two countries already have an 'Early Harvest Programme', and would conclude the FTA by the end of this year that would lead to further increase in their trade and economic ties.
He noted the deep and close ties between Pakistan and Malaysia and said that the two countries share common faith, heritage and desire to promote peace, progress and development in the world.
In the context of bilateral diplomatic ties, Prime Minister Shaukat briefed the Malaysian leader about the latest situation in the region and Pakistan's desire to resolve all disputes in South Asia.
He briefed him on the ongoing composite dialogue process with India and Pakistan's desire to resolve all outstanding disputes including the core Kashmir dispute for durable peace in the region.
The two leaders also discussed Pakistan's desire to engage with Asean as Prime Minister Aziz thanked his counterpart for his country's support to Islamabad to attain full dialogue partner status with the strong regional grouping.
Pakistan and Asean, he added, could be natural partners to create win-win situation for both. Aziz said they discussed the ongoing extensive co-operation between their countries in the field of defence.
The Prime Minister said the two countries have multifaceted co-operation in the defence field and was pleased to note that Malaysian companies would participate in the upcoming annual Defence Exhibition to be held in Karachi this month.
He expressed satisfaction over the growing trade ties between the two countries and noted that Malaysian investment in Pakistan had improved during last two years.
He said that with 40 companies, Malaysia has a strong presence in Pakistan in sectors like construction, IT, telecom etc. The Prime Minister said that Malaysia has excellent universities and Pakistan would like to benefit from their rich experience by sending its students there for education.
Prime Minister Badawi expressed full satisfaction over the outcome of talks and hoped that the trade and economic ties between Pakistan and Malaysia would further improve.
The two countries currently have a trade volume of around $700 million which, the Malaysian leader hoped, could reach the $1 billion mark.
In reference to the proposed joint investment company, Prime Minister Badawi said that presence of Pakistani investment companies in Malaysia would be yet another catalyst in further enhancing investment in the two countries.
He welcomed Pakistan's support to the World Islamic Economic Forum (WIEF) which is holding its second conference in Islamabad.
Prime Minister Badawi, who launched the WIEF last year, said that its first meeting in Malaysian capital Kauala Lumpur, also attended by Prime Minister Aziz, the Pakistan leader had proposed to have its second meeting in Islamabad.
He said it was a matter of great satisfaction to see that about 600 delegates from countries and business concerns were attending the three-day moot, including those from non-Muslim countries.
The Malaysian leader, who also hold the current chair of the OIC, hoped that the Forum would be able to expand economic relations between Islamic countries and also their commercial ties with other states.
"I hope that the Forum would be an important catalyst to increase the process of economic development in the OIC countries," he added. The Malaysian leader said that he also briefed Prime Minister Shaukat Aziz on the situation in southern Thailand.
Badawi said he had asked Thai Prime Minister to engage the people of southern part of his country in confidence-building measures to improve the situation. He expressed the hope that the new premier would be able to bring about peace and stability there.
In southern Philippine, he said, Malaysia has asked to have an international monitoring group there to initiate another round of talk that he hoped would help improve the situation there.
Responding to a question on the WIEF, he said it was too early to judge its performance, but added that the aim was to improve economic co-operation within the OIC countries. He said he was confident that the second meeting of the Forum would be very successful.
On exporting manpower from Pakistan, he said the process is on and his country would continue to export labour from the country as the opportunities arise.
Prime Minister Shaukat Aziz also expressed satisfaction and said that currently 15,000 workers were employed in Malaysia, but added that the export of manpower was always demand-driven, but the countries had made good progress this area.
About the WIEF, he said that that crux of any economic co-operation was to engage private sector of different countries.
He hoped that the Forum would institutionalise private sector networking and connection within the Ummah and beyond. "In the world of globalisation, we have to look at all countries to interact with each other," he said.
The primary focus of the Forum, he said, was the private sector from Islamic countries, but stressed the imperatives to engage everybody so that it provides one of the best platforms for interaction with the private sector.
He noted the immense interest of world business leaders after the Forum's first meeting and said that its second moot was being attended by more than 600 delegates that include cabinet level representations from many countries.
"The most important feature of any forum like this is bilateral network, which has been encouraged and provided for in various sessions," he added.
The Malaysian Prime Minister, when asked about the possibility of having one Eid within the Muslim Ummah, said his country has adopted a formula whereby it calculates the date for the sighting of the moon.
The two leaders also discussed how Zakat could be used for poverty alleviation. Pakistan would send a ministerial-level representation to Malaysia to attend a conference later this month on the subject.
The two leaders also discussed the issue of Dengue fever and Pakistan sought the advice from Malaysia for technical know-how and help to tackle this disease.
Earlier, Prime Minister Aziz welcomed the Malaysian leader at a formal ceremony held at the Prime Minister House.
At the ceremony, national anthems of the two countries were played. The Malaysian Premier inspected the Guard of Honour. Later, Prime Minister Aziz introduced the distinguished guest to the Services Chiefs and members of his Cabinet. Prime Minister Badawi also introduced members of his entourage to Prime Minister Aziz.
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