Federation of Pakistan Chamber of Commerce and Industry (FPCCI) and National Chamber of Commerce and Industry of Malaysia (NCCIM) will make efforts for the formation of Joint Business Council to bridge private businesses through their Chambers of Commerce.
The decision to activate the formation of JBC was made after a meeting held between High Commissioner for Pakistan in Malaysia, Lieutenant General Tahir Mahmud Qazi (Retd) and Executive Director of NCCIM Syed Hussain Al Habshee, says a message received here from Malaysia.
The High Commissioner said that a Memorandum of Understanding (MoU) was signed between the Malaysia and Pakistan on May 6, 2005 for formation of the Joint Business Council, but only recently implementation on MoU has been activated. Tahir Qazi said that the purpose of the council is to foster friendship and understanding, promote trade and investment, facilitate transfer of technology and strengthen co-operation in services and other sectors of economic activities between the business communities of Malaysia and Pakistan.
The High Commissioner said as a first step, the Business Councils are being set-up by the FPCCI and NCCIM respectively composed of private sector businessman, and will work in closest collaboration and co-operation in order to achieve free exchange of information regarding trade, economic co-operation and services between the two countries.
The Commercial Counsellor for Pakistan Wajiullah Kundi said that Pakistan High Commission is in advance stage of facilitating negotiation between FPCCI and NCCIM, and in this regard progress has been made to expedite appointment of Chairmen of both the councils. Once the chairmen are appointed, the Business Councils will be activated in the respective countries to pave the way for formation of Joint Business Council, he added.