Bilateral trade is needed to be enhanced between Pakistan and Malaysia as both countries are potential markets, said High Commissioner of Malaysia in Pakistan Dr Hasrul Sani Mujtabar while speaking at the Lahore Chamber of Commerce and Industry. He urged Pakistani businessmen to be more aggressive in terms of business activities in Malaysia to compete with other competitive markets in the era of globalisation.
He advised the Pakistani business community to actively participate in international conventions scheduled to be held in Malaysia in forthcoming months. He said that the Malaysian International Furniture Fair, 10th International Halal Showcase, Malaysia International Jewellery Festival (Spring Edition) and Malaysia International Jewellery Festival (Autumn Edition) are going to be held in March, April and October 2013 respectively. He said that Pakistani businessmen should attend these exhibitions to develop close co-ordination between trade bodies like the Chambers of Commerce & Industry to expand two way trade and economic collaboration for mutual benefit.
Speaking on the occasion, the LCCI President Farooq Iftikhar hoped that co-operation in business between two brotherly Islamic countries would further flourish in coming months and years. He said that since Pakistan is the second-largest trading partner of Malaysia in South East Asia therefore both countries should make efforts to take these relations to a new level by aggressively exploring opportunities for joint ventures in various sectors.
He said that the Free Trade Agreement between Pakistan and Malaysia has proved to be very instrumental in increasing the volume of bilateral trade. In year 2011, the volume of trade went as high as almost $3 billion which was well under $1.8 billion in 2009. The import of palm oil from Malaysia recorded almost 100 percent increase in this period and its share in total imports from Malaysia was around 80 per cent.
Unlike rapid increase in imports from Malaysia, our exports showed little expansion attaining the percentage share of Pakistan in two-way trade to merely 8 per cent. He said that the private sector wants to have a justifiable share in trade with Malaysia. Pakistan produces good quality and affordable agricultural products.
Likewise, new avenues of co-operation and investment opportunities need be explored in construction, livestock & dairy, energy, education, IT and the Halal industry sectors. Such initiatives can a play great role in further strengthening trade ties between the two countries.
Farooq Iftikhar said that the recently concluded D8 Summit has also further highlighted the need and importance of increasing economic co-operation therefore all the forces should be involved in contributing to the cause and try to materialise most dreams into reality by extending preferential treatment to each other. Pakistan's major exports to Malaysia includes rice, maize, cotton yarn, wheat, fish, bed linens, onions, garlic and woven cotton fabric while imports include palm oil, petroleum oils, synthetic yarn, fibreboard of wood, data processing machines and natural rubber.