Pakistan has offered Malaysia to join CPEC projects and progress in this regard is likely to be made during the upcoming visit of the Malaysian PM Mahathir Mohamad to Pakistan.
Malaysia High Commissioner has expressed desire to make investments in Pakistan and Islamabad has offered the CPEC projects as good opportunity for investment in Pakistan. There is a need to intensify efforts for improving two-way trade between Pakistan and Malaysia , which will bring far better results for their economies, said Malaysian High Commissioner Ikram bin Muhammad Ibrahim.
Addressing members of the Rawalpindi Chamber of Commerce and Industry (RCCI) on Wednesday, he said both countries had the potential to enhance cooperation in many fields including halal food, tourism, telecommunication and renewable energy.
“We should encourage frequent exchange of trade delegations in order to explore all untapped areas of potential cooperation.”He shared that the Malaysian High Commission had been working closely with the government of Pakistan for the upcoming visit of Malaysian Prime Minister Mahathir Mohamad. “We are anticipating the signing of several agreements during his stay in Islamabad,” he said.-
The envoy said Pakistan and Malaysia were the first two Islamic countries which signed a free trade agreement (FTA) long time ago, but bilateral trade was still restricted to a few products. He underlined the urgent need for focusing on trade diversification for improving trade figures.
The high commissioner also emphasised the need for increasing networking and exchange of delegations.
Speaking on the occasion, RCCI President Malik Shahid Saleem said Pakistan and Malaysia signed the FTA in 2007, but it had so far failed to achieve the desired results despite potential. He stressed that both countries should focus on new products to improve two-way trade. “The China-Pakistan Economic Corridor (CPEC) is an emerging opportunity and this gives more options to tap growing opportunities in Pakistan.”
He asked the high commissioner to share details of the trade delegations which would be accompanying the Malaysian prime minister so that B2B meetings for possible joint ventures could be arranged.