Malaysia is willing to boost bilateral trade with Pakistan to realise the actual trade potentials. Both Malaysia and Pakistan have the potential to trade in many items, said the Malaysian High Commissioner in Pakistan.
While addressing the business community at the Islamabad Chamber of Commerce and Industry (ICCI), Malaysian High Commissioner in Pakistan, Ibrahim said:” Malaysia and Pakistan had been doing business for over half a century, but lack of exchange between their private sectors had held them back from realising the actual trade potential”.
The Malaysian diplomat requested Pakistan businessmen to focus on producing high-quality components for global brands as these products had great demand in the international market and boost exports. The delegate also suggested that Pakistani companies should improve the branding of their products.
The Malaysian High Commissioner, Ibrahim said private sectors of both countries should stimulate efforts to take full advantage of the Pak-Malaysia free trade agreement (FTA). “Malaysia is one of the largest investors in Pakistan and is more interested in Pakistan’s services sector including telecommunication, insurance, and tourism” Ibrahim added.
Pakistan should focus on bringing its informal economy into the formal sector, the envoy proposed that in order to attract more foreign direct investment.
Speaking on the occasion, ICCI President Ahmed Hassan Moughal said: “bilateral trade between Pakistan and Malaysia was not encouraging and stressed that both countries should facilitate their private sectors in promoting the two-way trade”.
ICCI President also highlighted that many Pakistani products including rice, wheat, mangoes, halal food, seafood, meat products, cutlery, and sports goods could find a good market in Malaysia and it should import these products from Pakistan, which would also improve Pakistan’s trade balance with it.
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