Rawalpindi: (Business Reporter)There is a need to intensify efforts for improving two-way trade between Pakistan and Malaysia that would bring far better results for their economies.
Both countries have good potential to enhance cooperation in many fields including halal food, tourism, telecommunication and renewable energy.
“We should encourage frequent exchange of trade delegations to explore all untapped areas of potential cooperation.”
This was stated by Malaysian High Commissioner Ikram Bin Muhammad Ibrahim during his visit to the Rawalpindi Chamber of Commerce and Industry (RCCI) here on Wednesday.
He appreciated RCCI’s efforts in promoting trade and business activities and added that the organization had earned a good repute and strong credentials. He assured full cooperation and assistance for RCCI Rawal International Expo 2019 in April and Awards ceremony and Business Opportunity Conference in Kuala Lumpur in July 2019.
He added that the high commission has been working closely with Government of Pakistan for upcoming visit of Dr. Mahathir bin Mohamad ,the Prime Minister of Malaysia on March 23 and we are anticipating several agreements during his stay in Islamabad.
He informed that Pakistan and Malaysia were the first two Islamic countries that had signed FTA long time ago, but the bilateral trade was still confined to few products. He said there was an urgent need to focus on diversification of trade for improving trade figure.
The high commissioner also emphasized on increasing networking and exchange of delegations.
In his welcome address, President RCCI Malik Shahid Saleem said that Pak-Malaysia signed free trade agreement (FTA) in 2007 had not achieved the desired results despite potential. He stressed that both countries should focus on new products to improve two-way trade. China Pakistan Economic Corridor (CPEC) is an emerging opportunity and this give more options to different countries including Malaysia to tap in growing opportunities in Pakistan. He asked High Commissioner to share details of trade delegations who are accompanying with Malaysian Prime Minister so that we can arrange B2B meetings for possible joint ventures.
Malik Shahid Saleem said that exchange of trade delegations is direly needed to boost the bilateral trade ties and volume. He said many Pakistani products including rice, wheat, mangoes, halal food, 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. RCCI president also gave short briefing on current and upcoming events.
Senior Vice President Muhammad Badar Haroon, Vice President Fayyaz Qureshi, former presidents and members of the RCCI and trade associations were also present on the occasion.