Pakistan and Malaysia are negotiating to further reduce duties on existing and additional tariff lines under Free Trade Agreement (FTA) to facilitate businesses of both countries, High Commissioner of Pakistan in Malaysia Syed Hassan Raza said.
According to a press statement received here, he was addressing a seminar held in Kuala Lumpur on “Doing Business with Pakistan”, jointly organised by Malaysia External Trade Development Corporation (MATRADE) and High Commission of Pakistan, Malaysia.
Over 200 Malaysian companies and Pakistani businessmen attended the seminar. The high commissioner highlighted the investment opportunities and trade potential in Pakistan and informed the participants that there were numerous opportunities for the companies in both countries, having FTA since 2008.
Current trading basket by both countries was limited to Palm oil, fibre board, rubber electrical and electronic equipment from Malaysia while from Pakistan main items being exported were rice, maize, cotton, textile, vegetables. Diversification of products was the key to boost trade between the two countries, he added.
On investments, he mentioned that present investment regime was the most liberal in the region. Foreign equity could be 100pc owned by foreign investor and there were no restriction on repatriation of profits/royalties, almost all sectors were open for investment and one-window facilitation was some of the highlights of new policy, he added.
He said special incentives were available for auto sector investors under new Auto Policy 2016-21. He emphasised that Pakistan was a stable, peaceful and would welcome foreign investors who may visit any part of the country.
He highlighted recent developments of economic cooperation between China-Pakistan which has culminated in China Pakistan Economic Corridor (CPEC), as part of One Road One Belt initiative. It is as a game changer for the entire South and Central Asia regions in terms of connectivity, access, reduction of distance and time for movement of goods.
Earlier, Chief Executive Officer (CEO), MATRADE, Dato’ Dzulkifli Mahmud highlighted the role of MATRADE in promotion of bilateral investment and trade between Malaysia and Pakistan. Mahmud highlighted the advantages of doing business with Pakistani companies and said that both the countries have Malaysia-Pakistan Closer Economic Partnership Agreement (MDCEPA) since 2007 which became operation in 2008.
