Amir Khan

The business communities of Pakistan and Malaysia need to work together to increase the volume of the bilateral trade. This was stressed by Malaysia’s High Commissioner to Pakistan Mohammad Azhar Bin Mazlan, while speaking to the business community at the Faisalabad Chamber of Commerce and Industry (FCCI). He said that Malaysia was working to increase trade with Pakistan from the current $1.8 billion to $10 billion by 2050. He said this was in line with the World Bank’s prediction that Pakistan would be one of the top 10 economies in the world by 2050. He pointed out that though over 50,000 Pakistanis were working in Malaysia, trade between the two countries was still only $1.8 billion annually. He also noted that India was Malaysia’s top trading partner, followed by Bangladesh, and Pakistan was in the third place.

Mr Mazlan offered to cooperate with Pakistan in the fields of hydroponics and floriculture, and to organise business-to-business meetings for Pakistani entrepreneurs in Kuala Lumpur. He promised to do everything he could to help Pakistani businessmen willing to participate in the upcoming international events in Malaysia, such as the International Pepper Community and International Spices Exhibition. He also said that Malaysia was ready to help Pakistan with its immediate food needs during these difficult times. Meanwhile, Syed Hamid Ali, Additional Secretary (Trade Policy) at the Ministry of Commerce, said that currently, Malaysia exports palm oil, chemicals and electrical items to Pakistan, and imports chemicals, fresh fruits, vegetables and textile products from Pakistan.

He told WealthPK that Pakistan’s recent mango festival in Kuala Lumpur would open up new markets for Pakistani fruit. He also stressed the importance of the $3 trillion global halal market and urged countries like Pakistan and Malaysia to focus on exporting halal products to the Middle East and Far East regions. He also mentioned Malaysia’s success in development of halal ice cream and chocolate, which were popular with both Muslim and non-Muslim consumers. Hamid Ali also pointed out Malaysia’s strategic location as a member of the Association of South East Asian Nations (ASEAN) bloc and suggested that Pakistan could use this advantage by re-exporting surplus goods to other ASEAN countries through Malaysia. He said that fruits, vegetables and textile products were all viable export products for Pakistan, and that there was also the potential to add value to these products before re-exporting them to other countries.

He also discussed the collaboration between Pakistan and Malaysia in the automotive sector, particularly the opening of a car manufacturing unit in Karachi. Hamid Ali encouraged both countries to explore new ways to transfer technology and digitise their economies, highlighting Malaysia’s incentives, such as tax breaks, particularly in the IT sector. He said despite a Free Trade Agreement existing between Pakistan and Malaysia since 2007, the two countries couldn’t utilise its potential. He stressed the need for invigorating the agreement for boosting the bilateral trade. Hamid Ali also stressed the significance of reciprocal cultural exchanges and recommended that Pakistani investors acquaint themselves with Malaysia’s meticulously regulated economic landscape before investing in the country.

Credit: INP-WealthPk