Director Strategic Planning to Prime Minister of Malaysia, Datuk Shahlan Ismail, said here on Wednesday that vast trade potential existed between Pakistan and Malaysia. Datuk Ismail, who is currently leading a trade and investment delegation of his country, said that trade between both the countries will increase further with the strengthening of people-to-people contacts and business communities' linkages.
He was speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI). He advised the businessmen of both the countries to explore possibilities of undertaking joint ventures in the agriculture sector, food security, water management and effluent water treatment projects. He urged the businessmen of the both the countries to collaborate with each other for effective water management and its treatment as the water was going to become a very important issue in the years to come.
"Malaysian economy has witnessed a strong growth of 5.6 per cent against the expected 4.8pc," he said, adding that his country wanted to achieve a growth rate of at least 5pc every year so that it could become a developed country by 2020". KCCI President Iftikhar Vohra on this occasion highlighted bilateral trade relations between Pakistan and Malaysia, saying that in 2013-14, goods exported by Pakistan to Malaysia worth only $200.45 million, while imports from Malaysia stood at $1,277.61m.
He said that though currently balance of trade between Pakistan and Malaysia was in favour of Malaysia, Pakistani exporters have a good scope for enhancing their exports to Malaysia. "Malaysia is also a potential market for Pakistani fruits and vegetables like mangoes, onions and potatoes," he said, adding that Pakistan was also rich in human resource and there is a great potential for the country to export its skilled, technical and educated human resource to Malaysia."
He hoped that the suggestions made at the Wednesday's meeting held between businessmen of Pakistan and members of Malaysian trade and investment delegation would pave way for greater co-operation among the businessmen of the both countries. KCCI's Senior Vice President Mohammad Ibrahim Kasumbi said that since Pakistan produced huge quantities of wheat, rice and other commodities, these products could be offered to Malaysia for dealing with food security issues, while Malaysia should also focus on promoting high-tech equipment in Pakistan.
He was of the view that Malaysian investors could also benefit from Pakistan's cheap labour force by setting up their units in various industrial areas of Pakistan. Commenting on existing trade volume of more than $1 billion between the two countries, he said that regardless of arguing over balance of trade either in favour of Pakistan or Malaysia, efforts must be made to enhance the low trade volume as it did not depict the real trade potential. The Malaysian trade and investment delegation comprised Datuk Ghazali Saiboo, Ms Marziana Mohammad Mokhtar, Fahad Iqbal Mandvia and Devan Iyavoo.
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