High powered delegation to visit Malaysia next week

A high powered business delegation from Pakistan is going to visit Malaysia on February 26 to seek further opportunities of trade.
The two countries which are signatories of a Free Trade Agreement are moving forward to enhance bilateral trade from $2 to $4 billion, through exploring new ways of trade.
The important delegation, sources said, would focus on some selected sectors including rice, surgical and pharmaceutical goods, textile, halal food, etc.
The delegation led by Chief Executive of Trade Development Authority of Pakistan (TDAP) will hold separate meetings with the heads of various associations, including Malaysian Textile Manufacturers Association, Halal Industry Development Corporation, Malaysian Organisation of Pharmaceutical Industries, Association of Private Hospitals of Malaysia and Jasmine Food Corporation of the foreign country.
Pakistan-Malaysia Business Forum was also scheduled to be held on February 28, which on the Pakistani end would be addressed by Tariq Iqbal Puri, CE of TDAP, Bashir Janmohammad Chairman Pakistan Malaysia Business Council of FPCCI, Khawar Anwar Khwaja, Chief Executive Grays of Cambridge Limited and Hassan A Bilgirami CE and Director Islamic Bank and others.
Besides, the meetings and interactions were also scheduled to be held with various ministries and government officials in Malaysia, sources added. The business interaction was also aimed to double the existing trade figures in the next few years and seek further deals in agricultural products, technological sharing and search of new markets in each country.
Bilateral trade has increased by 34 per cent in 2010, totaling $2.5 billion, compared to a trade volume of $1.86 billion in the fiscal year 2009. The jump in bilateral trade was observed after the FTA was signed by the two countries in 2007.
It is worth mentioning here that a major player in trade between the two countries was the import of palm oil from Malaysia and the bilateral trade was in favour of the foreign country. Pakistan imports palm oil worth $1 billion annually and due to a 15 per cent concession duty given to Malaysian palm oil, its share in total palm oil imports has risen to 70 per cent from 55 per cent. Palm oil imports from Indonesia have declined to 30 from 45 per cent.