Improvement seen in rice and frozen food exports from Pakistan to Malaysia, says CG
Published on: February 9, 2024.
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Malaysia Increases Rice and Frozen Food Imports from Pakistan
The Consul General of Malaysia, Herman Hardynata Bin Ahmad, has announced that Malaysia is increasing its purchases of rice and frozen food from Pakistan, indicating an improvement in Pakistan’s share in bilateral trade. While trade volume between the two countries has been largely in Malaysia’s favor, the increased imports from Pakistan are a positive development.
Speaking at a meeting with the Karachi Chamber of Commerce and Industry (KCCI), Bin Ahmad acknowledged that Malaysia, being a small country, has limitations in meeting Pakistan’s growing demand for palm oil, which has been a major export from Malaysia to Pakistan. However, he expressed his commitment to strengthening bilateral trade and investment ties between the two countries.
The Malaysian envoy commended the KCCI for its efforts in promoting trade and expressed interest in engaging with the business community of Karachi. He mentioned the possibility of bringing more Malaysian delegations to Karachi to explore new avenues of trade cooperation. Bin Ahmad also highlighted the existing cooperation between Malaysia and Pakistan in defense and the potential for collaboration in the tourism sector and capacity building in various other sectors of the economy.
President of KCCI, Iftikhar Ahmed Sheikh, welcomed the Malaysian Consul General and emphasized the strong economic relationship between Pakistan and Malaysia. He noted that the bilateral trade volume needs to be enhanced to reach its true potential. Sheikh called for the elimination of trade barriers, the encouragement of ease of doing business, and diversification of products to promote economic cooperation.
Sheikh further emphasized the importance of a comprehensive Free Trade Agreement (FTA) between Pakistan and Malaysia to boost trade volume. He also highlighted the need for Pakistan to pursue economic integration with the ASEAN block, which has a collective GDP size of $3.6 trillion, offering new avenues for strengthening ties and establishing institutional connections.
The meeting was attended by senior officials from the KCCI, including the Senior Vice President and the Vice President, along with members of the Diplomatic Missions and Embassies Liaison Subcommittee.
Overall, the increased imports of rice and frozen food from Pakistan by Malaysia signify a positive trend in bilateral trade relations. This presents an opportunity for Pakistani companies to explore joint ventures with Malaysian businesses in various sectors, contributing to economic growth and mutual benefits for both countries.
Source: Daily Times
