Hyde
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'Pakistan and Malaysia bilateral trade can increase five-fold'
KUALA LUMPUR (June 23 2010): Pakistan and Malaysia have the potential of a five-fold increase in bilateral trade by tapping unexplored trade potential. This was stated by Senator Abdul Haseeb Khan in his meeting with Dato Mukhriz Tun Mahathir, Malaysian Deputy Minister of Ministry of International Trade and Industry (MITI).
The senator part of the 10-member delegation of top businessmen and industrialists of Korangi Association of Trade and Industry (KATI) of Karachi is visiting Malaysia from June 19 to 23. The meeting was also attended by the Acting High Commissioner for Pakistan in Malaysia, Dr Imtiaz A Kazi, Commercial Counsellor, Wajiullah Kundi and Malaysian Counsel General in Karachi Mohd Khalid Abdul Razak.
Senator Haseeb said Pakistan and Malaysia can improve their bilateral trade and investment substantially by identifying untapped areas and encouraging their business communities to take full advantage of enabling environment, particularly after the signing of Free Trade Agreement in November, 2007.
Malaysia's Deputy Minister for MITI said his country was recognised as a global Halal hub for sourcing and sale of Halal products. Malaysia considers Pakistan as a choice partner to jointly capture global Halal business worth two trillion dollars. He said Pakistan was the second largest trading partner of Malaysia in South Asia and since signing of FTA, the bilateral trade had increased from RM 4.6 billion in 2007 to 6.2 billion in 2008 registering an increase of 33.9 percent.
The issuing of Certificate of Origin to the Malaysian businessmen had also registered 79.8 percent increase and reflected enhanced confidence of Malaysian businessmen and traders to do business with Pakistan. MITI Deputy Minister said Malaysia was about to launch its 10th Malaysia Plan based upon country's new economic model meant to usher Malaysia into a high income bracket country. In this regard, he said emphasis would be made on development of value-added industries, promotion of SMEs and green technology.
Senator Haseeb urged Malaysian Deputy Minister to consider opening of a trade office in Pakistan to cater to growing volume of trade and investment between the two countries and to facilitate their business communities to interact for meaningful cooperation, networking and business match-making. He also invited the Dy Minister to lead a trade and investment delegation to Pakistan to gain first hand experience of the vibrant business environment in Pakistan.
