The bilateral trade between Pakistan and Malaysia is all set to pick up accelerated pace in the next five years due to the various emerging sectors and greater economic cooperation of both countries in economic development and trade business relationship.
The Malaysian External Trade Development Corporation (MATRADE) Chairman Dato’ Mah Siew Keong said this while addressing 8th Expo Pakistan inaugurated on Thursday. The trade between the two countries has increased significantly to nearly $2 billion annually, which is a remarkable success for the two countries reflecting the complementary nature of the two economies as well as opportunities created by investment and joint ventures in various sectors.
Keong said that businessmen and traders of the two countries should benefit from facilities and incentives of the Free Trade Agreement (FTA) signed by Pakistan and Malaysia in 2008 to explore further the markets potential and emerging sectors that exist in both countries.
He added that the government of both sides should create greater awareness in each other’s countries with more interaction of business fraternity and private sector on the unlimited opportunities of investment and trade in the two states.
The MATRADE chairman also said Pakistan and Malaysia could establish long-term business relationship through partnerships and joint-ventures because the two countries share similar culture, consumers preference, food and also into the services industries. The mutual business projects will strengthen the two countries through exchange of technology and knowledge in different sectors in which Pakistan and Malaysia are rich, competitive and innovative products and services.
Malaysia has set up the biggest exhibitors’ pavilion with 30 companies of various sectors along with 63 delegates.
Dr Hasrul Sani Bin Mujtabar, High Commissioner of Malaysia in Pakistan, said that Malaysia was the biggest exporter of palm oil to Pakistan and encouraged the Pakistani businesses to look at Malaysia for other competitively priced products and services for Pakistani different needs.
The government of Malaysia has decided to interact with business community of Pakistan through seminars and trade fairs in order to explain them mega opportunities in Malaysia through investment and business. There are many different sectors in Malaysia having niche expertise and quality products and services which could fulfill Pakistan’s needs at present and in the future, he said. Abu Bakar Mamat, Consul General of Malaysia Karachi, said that Pakistan offers immense opportunity for Malaysian companies in any array of sectors including power generation, infrastructure development, housing and real estate, financial services and textile.
Malaysian companies seek
immense potential in the
Pakistan’s agriculture to invest in value-added food, manufacturing and agro-based industries for long-term basis, he added.