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Pakistan, Malaysia To Enhance Trade Potential Via FTA

News From : DagangHalal.com (30 May 2009)

KARACHI: Karachi Chamber of Commerce and Industry hosted a dinner in honour of the 13-member trade delegation headed by Trade Commissioner of Malaysia for Pakistan Zainuddin Ahmed Jalil.

KCCI President Anjum Nisar welcomed the delegation and consul general of Malaysia, expressing gratitude towards better relationship among the governments and people of both countries, stated a KCCI statement here on Saturday.

He informed about the role of KCCI towards the promotion of trade and business activities at national and international level. He asserted to properly explore bilateral trade potential in the light of the Pak-Malaysia Free Trade Agreement (FTA) signed in November 2007.

In the FTA, Pakistan was given market access to Malaysia for basic raw materials, intermediate goods and machinery, while it has obtained access for its core export products like fruits and vegetables, seafood, beverages, confectionery, horticulture, dairy products, rice, kinno, biscuits, gems and jewellery, cotton yarn, fabric, blankets, bed linen, other home textile products and tents & tarpaulins, medicaments and surgical instruments, etc.

Pakistani exports increased from $50.67 million in 2000-01 to $96.91 million in 2007-08, which shows an increase of 91.25 per cent.

Whereas, Malaysian imports increased from $429.24 million in 2000-01 to $1,574.38 million in 2007-08, showing an increase of 266.78 per cent, he added.

He articulated that there was ample goodwill for expansion of trade, and establishment of joint ventures in various industrial sectors, such as ship breaking, pharmaceutical, palm oil refining, food processing, sports goods and construction sector materials.

He also focused on outsourcing of Pakistani qualified professionals in the field of engineering, health and medicine. He stated that Karachi offers immense opportunities for investment in infrastructure projects, manufacturing, consumer goods production, as well as in capital markets.

He urged on the need for frequent exchange of delegations, and holding single country exhibitions. Malaysia could take advantage of Gwadar Port to establish a production base in Pakistan and tap into the huge market of South Asia, Central Asia and Middle East.

Consul General of Malaysia Muhammad Khalid Abdur Razzak said that Malaysia and Pakistan were enjoying excellent relations in trade, economic, social and other fields since the past 52 years.

He informed that last year Malaysian Trade volume was about 451 billion, including 15.7pc trade of halal food. He also stated that Malaysian business visa can be obtained in 3 days via email.

Trade Commissioner of Malaysia Zainuddin Ahmed Jalil said that Malaysian investors were keen on investing in the services and logistics sector in Pakistan.

He added that Malaysia had a population of 27 million, out of which 35 per cent were associated with the service sector. He highlighted the demand of Pakistani rice, seafood, textile products and fruits in Malaysia, advising to increase its trade potential.

However, Malaysian trade circles were interested to enhance trade of edible oil, rubber products, pharmaceutical, leather products and halal food products, he added.

He informed that the trade commission was working actively for support and assistance to businessmen of both sides, promptly replying to inquiries via email within a week.

Source: The News International

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