KARACHI, Sept 13: The volume of trade between Malaysia and Pakistan will definitely improve after signing of a Free Trade Agreement (FTA) between the two countries, said Malaysian Deputy Minister for International Trade and Industry Dato Ahmad Husni Mohammad Hanazlah here on Wednesday.
He was addressing a seminar on ‘Malaysia-Pakistan Business Opportunities’ as a keynote speaker. The seminar was jointly organised by the Malaysian External Trade Development Corporation and Federation of Pakistan Chambers of Commerce and Industry.
He said Pakistan would be the first Muslim country with which his country would sign a FTA.
Malaysia is ready to share its experience with Pakistan as she is the fourth biggest trade partner of Malaysia after Indonesia, Saudi Arabia and the UAE, he said acknowledging the trade deficit between the two brotherly countries, which is in favour of Malaysia.
The huge trade potential between the two sides was not reflected in terms of volume and earnings, he said calling upon the exporters from Pakistan to target volume and range both. Malaysia exports quality products to 230 countries around the globe, said Malaysian deputy trade minister.
Malaysia could cater to the commercial and industrial needs of Pakistan in major fields of electronic appliances, gadgets, chemicals, food and beverages, office furniture, telecom etc., the Malaysian minister said.
Besides, trade and industry, Pakistanis can benefit from education facilities in Malaysia as “we have the education facility at par with universities of the UK and Australia.”
Naib City Nazim, Nasreen Jalil in her speech said that the motto of the city district government was, “Building Karachi is building Pakistan”, as the city contributes 68 per cent of total revenue generated in Pakistan.
She said that there were seven good reasons to invest in Karachi--abundant land, natural resources, manpower, a 15-18 million strong domestic market, established infrastructure and guaranteed protection to investors.
President FPCCI Chaudhry Muhammad Saeed said that the present level of trade between Pakistan and Malaysia was insignificant and it must be enhanced. He said that Pakistan and Malaysia could undertake joint ventures and projects in Iraq and Afghanistan.
The trade imbalance is due to huge import of palm oil by Pakistan and could be countered through increased import by Malaysia of Pakistan's handicrafts, carved wood, dates, vegetables and non-basmati rice, he added.-
