KARACHI: Speakers at a reception observed that despite very close relations, bilateral trade volume between Pakistan and Malaysia is much lower than its potential.
The reception was hosted by the leading businessman and Chairman Pak-Malaysia Business Council of FPPCI Bashir Janmohammad in honour of the member of visiting Malaysian trade delegation at a local hotel on Friday evening.
While welcoming the members of Malaysian trade delegation, Bashir Janmohammad said Pak-Malaysia trade relations were established in 1967, when Pakistan received first shipment of palm oil from the East Asian brotherly Muslim country.
Gradually, palm oil imports increased and Malaysia became major edible oil exporting country to Pakistan with its market share of over 80 percent. At that time, Pakistan was importing remaining 20 percent palm oil from Indonesia to meet its local demand.
However, situation entirely changed and now Pakistan is importing 82 percent palm oil from Indonesia and Malaysia’s market share in edible oil imports has drastically declined to 18 percent, he mentioned.
According to Bashir Janmohammad, the situation was very unfortunate that trade between Pakistan and Malaysia could not increase despite the fact that there was huge potential.
He said there are number commodities that can help to increase bilateral trade between Pakistan and Malaysia. For example, he said Malaysia can import Pakistani rice that is famous for its quality.
He said Pak-Malaysia Business Council is ready to assist and to arrange meeting of the businessmen of both sides to explore more opportunities and to expand trade between Pakistan and Malaysia.
The Consul General of Malaysia in Karachi Herman Hardynata Ahmad said that both the countries have very close relations and efforts are being made to deepen these relations and to increase trade.
He said Karachi is a vibrant business hub and has potential to attract more investments.
Suleman Chawla, Senior Vice President FPCCI assured the visiting delegation that FPPCI is ready to provide all possible assistance and support to arrange visits and meeting of businessmen of both sides to increase bilateral trade between Pakistan and Malaysia.
Haji Ameer Ali Mydin, senior member of visiting Malaysia delegation said that Pakistan has progressed tremendously and now it has become a very good place to do businesses here.
He said Pakistan is very safe country. He observed that international media is portraying very negative image of Pakistan but reality is totally different and Pakistan is very good place to live and do businesses.
Mohammad Salim Ibrahim, another senior member of Malaysian delegation said many Malaysian companies are doing businesses in Pakistan successfully and expressed his hope that trade ties between the two brotherly countries increase in coming years.
A large number of leading businessmen including Rasheed Janmohammad, Haji Ghani Haji Usman and others attended the program and discussed matters of mutual interest with the members of visiting Malaysian delegation.
Copyright Business Recorder, 2023
Comments
Comments are closed.