Improving Trade Share: Rice and Frozen Food Exports to Malaysia Show Promising Growth
Published on: February 9, 2024.
Filed under:
KARACHI: The Consul General of Malaysia, Herman Hardynata Bin Ahmad, has highlighted the improving bilateral trade between Pakistan and Malaysia. While Malaysia’s exports to Pakistan mainly consist of palm oil, Malaysia has also increased its purchases of rice and frozen food from Pakistan.
Speaking at a meeting at the Karachi Chamber of Commerce & Industry (KCCI), the Malaysian CG acknowledged that Pakistan’s share in bilateral trade is on the rise. He stated that Malaysia, despite producing palm oil at its peak capacity, is unable to completely meet Pakistan’s growing demand for palm oil due to its limitations as a small country.
The Malaysian CG expressed his intention to bring more delegations to Karachi this year, following the visit of a Malaysian delegation last year to explore new avenues for trade cooperation.
He also highlighted the cooperation between Malaysia and Pakistan in defense, with defense officials from both countries being sent for training. The Malaysian CG emphasized the potential for further collaborations in sectors such as tourism and capacity building in various sectors of the economy.
President KCCI Iftikhar Ahmed Sheikh welcomed the Malaysian CG and emphasized the strong and diversified bilateral economic relationship between Pakistan and Malaysia. He stressed the need to enhance Pakistani exports to Malaysia, currently standing at around $300 million in FY23, and called for the elimination of trade barriers and the diversification of products for economic cooperation.
President KCCI also highlighted the importance of effective implementation of the Free Trade Agreement (FTA) between Pakistan and Malaysia to strengthen economic partnership and boost trade volume. He emphasized the significance of Pakistan’s economic integration with the ASEAN block, which has a collective GDP size of $3.6 trillion, and the potential it holds for strengthening ties and establishing institutional connections.
In conclusion, President KCCI proposed that Pakistani-Malaysian companies pursue joint ventures in various sectors such as agriculture, textile, foods, pharmaceuticals, and energy, among others. He also highlighted the opportunities for collaboration in training and capacity building, which could contribute to an increase in remittances from Malaysia.
Source: Business Recorder
