Zakaria Kamarudin, Deputy Chief Executive Officer of Trade and Services Promotion Division said that bilateral trade volume of Pakistan and Malaysia could be increased by finding new avenues of opportunities and cooperation Zakaria Kamarudin and Noraslan Hadi Abdul Kadir, Consulate General of Malaysia visited Islamabad Chamber of Commerce and Industry (ICCI) for having a meeting with Zafar Bakhtawari, President of ICCI.
Kamarudin said that Malaysia offers a dynamic and vibrant business environment to investors who intend to set up projects in the manufacturing and services sectors in Malaysia as foreign investment is considered an important source of development for a country. Thus, Pakistan should accord high importance to encourage foreign investors by creating investment-friendly environment in the country to accelerate pace of economic progress.
He said that various multi-national companies of Malaysia have established their R&D centers adjacent to industries for creating strong linkage between students and industries so that they could have complete know-how about demands of industries.
He informed the meeting about Export Bank of Malaysia which provides financing to Malaysian entrepreneurs as well as facilities foreign exporters.
Deputy Chief Executive Officer invited ICCI delegation to visit Malaysia to meet their counterparts and assured of support accordingly. He said that the negative perception of Pakistan can only be eliminated through frequent exchange of trade delegations between two countries.
Speaking on the occasion, Zafar Bakhtawari, President ICCI said that current increase in bilateral trade between Pakistan and Malaysia was subsequent to the signing of FTA between the two countries but Pakistan’s share in the bilateral trade is only $257 million, which has tilted the balance of trade heavily in favor of Malaysia, thus, there is a dire need to balance this gap by increasing export of Pakistani products to Malaysia.
He called on the Malaysian business community to take advantage of vast Pakistani market and investment opportunities in agriculture, construction, livestock and dairy, energy, education, IT and Halal industry sectors.
Bakhtawari suggested that Pakistan and Malaysia should establish direct air link that would ultimately enhance bilateral relation.
ICCI President highlighted immense opportunities to invest in Pakistan in the sectors of textiles, energy, agricultural value added, engineering, pharmaceutical and healthcare, fruits, rice, vegetables, sports & surgical goods and halal food.
Bakhtawari was of the view that implementation of tariff concessions under the PTA is need of the hour which would lead the D8 community towards greater economic integration and help in deepening our mutual trade relations and open new vistas for joint ventures.