ISLAMABAD – E. Ikram Bin Muhammad Ibrahim, Malaysian High Commissioner inPakistan said that his country was keen to have greater bilateral tradewith Pakistan as both the countries have good potential to trade of manyitem.He said that Malaysia and Pakistan have been doing business for over half acentury, but lack of exchange of private sectors has held them back fromrealizing actual trade potential.He was addressing business community at Islamabad Chamber of Commerce &Industry.Malaysian High Commissioner said that instead of exporting finished goods,Pakistan should focus on producing high quality components for globalbrands.He said it was important for Pakistan to focus on those products that havegreater demand in global market to improve its exports.For this purpose, Pakistani companies should improve branding of theirproducts. He said visit of Saudi Crown Prince Muhammad Bin Salman andannouncement of over $20 billion investment in Pakistan was highly positivedevelopment for Pakistan’s economy.He said interest of UAE, Qatar and other countries in Pakistan was alsogood sign for foreign investors.He said that forthcoming visit of Dr. Mahatir Mohammad, Prime Minister ofMalaysia to Pakistan on its national day carried good prospects forPakistan, especially in automobile sector.He said that private sectors of both countries should accelerate efforts totake full advantage of Pak-Malaysia FTA signed in 2008.He said Malaysia was one of the larger investors in Pakistan and was moreinterested in Pakistan’s services sector including telecommunication,insurance and tourism.He said agriculture, education and other sectors were other potential areasof mutual cooperation between two countries.He said for attracting more FDI, Pakistan should focus on bringing itsinformal economy into formal sector that would give more confidence toforeign investors.He said food processing products of Pakistan have good potential inMalaysia. He assured that Malaysian investors would be encouraged toexplore Pakistan for JV and investment.Speaking at the occasion, Ahmed Hassan Moughal, President, IslamabadChamber of Commerce & Industry said that Pak-Malaysia bilateral trade wasnot encouraging and stressed that both countries should facilitate privatesectors in promoting two-way trade.He said that many Pakistani products including rice, wheat, mangoes, halalfood, seafood, meat products, cutlery and sports goods, spices,handicrafts, light engineering goods, hospital and surgical equipment,pharmaceuticals and gems and jewelry could find good market in Malaysia andit should import these products from Pakistan that would also improvePakistan’s trade balance with it.He said Malaysia has levied export duty on Crude Palm Oil (CPO) at certainlevel of prices (at above RM 2,250), which should be revised.He said Malaysia has also imposed 5 to 7% duties on import of mango andmandarin from Pakistan, which needed to be reviewed to benefit Pakistaniexporters.
Malaysia expresses keen interest for big investment in Pakistan
