Pakistan and Malaysia have to find new areas of mutual co-operation and try to further boost trade and economic ties. Full advantage of Pak-Malaysia Free Trade Agreement (FTA) need to be taken to boost bilateral trade volume which still far behind from its existing potential.
This was stated by Muhammad Haroon Agar, President, Karachi Chamber of Commerce and Industry during the visit of the Consul General of Malaysia Abu Bakar Mamat accompanied by Trade Commissioner, Malaysia External Trade Development Corporation Noraslan Hadi Abdul Kadir to KCCI. President KCCI Haroon Agar stressed on the need to address the trade imbalance by diversifying trading products, besides palm oil.
He suggested that one way of doing this would be to increase the volume of exports of non-basmati rice, halal food products and frozen seafood to Malaysia given the sizeable demand and the fact that Malaysia imports such products from neighbouring countries.
He said that there is ample goodwill for expansion of trade and establishment of Joint Ventures in various industrial sectors including ship breaking, pharmaceuticals, palm oil refining, food processing, sports goods and construction sectors. Malaysia is also availing the services of large number of Pakistanis highly qualified professionals in the field of engineering, health and medicine, he added. Malaysia Special Economic Zone in Karachi will act as cornerstone as the Special Economic Zone law was passed by the Government, he told.
Haroon Agar articulated that through FTA, Pakistan has given market access to Malaysia on basic raw materials, intermediate goods and machinery. Consequently, Malaysia should provide market access to Pakistan for its core import products such as rice, fruits and vegetables, seafood, beverages, confectionery, gems & jewellery, cotton yarn, cotton fabric, blankets, bed linen, other home textile products medicaments and surgical instruments, etc. Medical tourism is strong sector in Malaysia and Pakistan may seek its help to develop this sector in Pakistan. Malaysia has become centre of Islamic Banking and which also gained momentum in Pakistan. Malaysian investment in this sector would be a welcome addition.
Agar also stressed on the need of frequent exchange of trade delegations, regular exchange of trade information and organising of single country exhibitions. He informed that Pakistani Tourist visit Malaysia in great number whereas the Malaysian Tourist are not much interested to visit Pakistan so he urged the Consul General to play his part to convince the Malaysian tourists to visit Pakistan.
Heextended invitation to Malaysian companies to participate in the 10th "My-Karachi, Oasis of Harmony Exhibition scheduled to be organised from 5~7 July, 2013. The Consul General of Malaysia Abu Bakar Mamat appreciated that Pak-Malaysia friendly relations were deep-rooted and fortifying with the passage of time.
Malaysian Consul General proposed that Pakistan can use Malaysia as a central point of market access to ASEAN countries and enjoy trade/ distribution of Pakistani products to ASEAN/ Far East countries and Malaysia is the signatory of ASEAN Free Trade Agreement. He said that presently the Trade Commission was operating from Mumbai-India however, efforts were underway to establish in Pakistan.
Omar Salleh, Assistant Trade Commissioner, Malaysian External Trade Development Corporation (MATRADE), Majyd Aziz, Former President KCCI, Shamim Firpo, Senior Vice President KCCI and Managing Committee Members of KCCI also participated in the meeting.
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