Karachi, September 27, 2013 (PPI-OT): Karachi Chamber of Commerce and Industry’s President Muhammad Haroon Agar has asserted upon the need to find new areas of mutual cooperation between Pakistan and Malaysia and try to further boost trade and economic ties. Full advantage of Pak-Malaysia Free Trade Agreement (FTA) need to be taken to boost bilateral trade volume which still far behind from its existing potential.
Presently the balance of trade is in favour of Malaysia which requires a narrow-down while increasing the Pak exports to Malaysia. Karachi Chamber of Commerce and Industry (KCCI) hosted a reception in honour of Malaysian High Commissioner to Pakistan and Malaysian High Profile Business Delegation of more than 100 businesspersons and officials of Malaysian External Trade Development Corporation who are on visit to Karachi to participate in the 8th Expo Pakistan.
Exchanging views on this occasion, President KCCI Haroon Agar stressed on the need to address the trade imbalance by diversifying trading products besides palm oil. He suggested that one way of doing this would be to increase the volume of exports of non-basmati rice, halal food products and frozen seafood to Malaysia given the sizeable demand and the fact that Malaysia imports such products from neighbouring countries.
He said that there is ample goodwill for expansion of trade and establishment of Joint Ventures in various industrial sectors including ship breaking, pharmaceuticals, palm oil refining, food processing, sports goods and construction sectors.
Malaysia is also availing the services of large number of Pakistanis highly qualified professionals in the field of engineering, health and medicine, he added. Malaysia Special Economic Zone in Karachi will act as cornerstone as the Special Economic Zone law was passed by the Government, he told.
Chairman Businessmen and Former President KCCI Siraj Kassam Teli addressing the Malaysian High Commissioner and the Business delegation stated that in view of vibrant economic prosperity in the region Pakistani Business and Industrial Community should take advantage and learn from expertise of Malaysian counterparts. He advised KCCI to take also take a high profile Business Delegation to Malaysia.
Chairman Sindh Board of Investment and Former President KCCI Zubair Motiwala invited the attention of Malaysian investors towards investment in Thar Coal as the Sindh Government was offering 20 percent returns IRR on dollar terms.
Dr. Hasrul Sani Mujtabar, High Commissioner of Malaysia on this occasion stated that Malaysia has lot to offer not just palm oil. He stated amid unfair projection and depiction of Pakistan by the media abroad, the Malaysian businesspersons came to Pakistan. He stated that trade is among the priorities of Malaysian High Commission. Economic diplomacy has now edge over the political diplomacy.
He observed that Pak-China trade corridor from Gwader to China will create a market of $3 Billion. He observed Pakistan as a country with great opportunities and stated that Pakistan and Malaysian business communities maintain strong business ties. He suggested the Malaysian businesspersons that besides focusing on Karachi should also explore the northern cities of Pakistan.
He hoped relations between two countries will deepen in years ahead. Leader of Malaysian Delegation Dato Abdul Rafiq Karim also shared views on bilateral trade.
Pakistan’s High Commissioner to Malaysia Shahid Kiyani and Commercial Counsellor Wajihullah Kundi, Senior Vice President KCCI Shamim Firpo, Vice President Nasir Mehmood and Managing Committee Members were also present on this occasion.
For more information, contact:
M. Shafiq Baig
Public Relations Officer
Karachi Chamber of Commerce and Industry (KCCI)
Tel: +9221 9921 8001 -09
Fax: +9221 9921 8010
Email: firstname.lastname@example.org, email@example.com