Improvement in Rice and Frozen Food Export from Pakistan to Malaysia, says CG
Published on: February 9, 2024.
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Consul General of Malaysia Highlights Increasing Bilateral Trade with Pakistan
Karachi, Pakistan – The Consul General of Malaysia, Herman Hardynata Bin Ahmad, recently spoke at a meeting held at the Karachi Chamber of Commerce and Industry (KCCI) to highlight the improving trade relationship between Malaysia and Pakistan. Bin Ahmad mentioned that Malaysia has been increasing its purchases of rice and frozen food from Pakistan, contributing to the overall bilateral trade growth between the two countries. While trade volume has largely favored Malaysia, which exports mainly palm oil to Pakistan, the Consul General expressed Malaysia’s keenness to engage with the business community in Karachi and further strengthen trade and investment ties.
Addressing the meeting, Bin Ahmad acknowledged that Malaysia, as a small country, faces limitations in fully meeting Pakistan’s growing demand for palm oil. He commended KCCI for regularly organizing meetings and maintaining a strong liaison with the Malaysian Consulate. He also expressed his intention to bring more trade delegations to Karachi this year, building on the existing trade volume and highlighting the potential for cooperation in various sectors.
The Consul General emphasized that besides trade, there are opportunities for collaboration in defense, tourism, and capacity building. He mentioned that Malaysia had been sending defense officials for training in Pakistan, while Pakistani officials from the armed forces were also being sent to Malaysia for training. Bin Ahmad encouraged the exploration of these additional areas of cooperation, highlighting the potential for further economic growth and development.
In his welcome address, the President of KCCI, Iftikhar Ahmed Sheikh, praised the strong and diversified bilateral economic relationship between Pakistan and Malaysia. He noted that although the trade volume between the two countries remains below its true potential, efforts should be made to eliminate trade barriers, encourage ease of doing business, and diversify products for economic cooperation.
Sheikh underscored the importance of effectively implementing a comprehensive Free Trade Agreement (FTA) between Pakistan and Malaysia, which would establish a closer economic partnership and significantly enhance the trade volume. He also emphasized the need for Pakistan to pursue economic integration with the ASEAN block, which has a collective GDP size of $3.6 trillion, opening new avenues for strengthening ties with individual ASEAN members as well as the collective group.
The President of KCCI suggested that the Sindh International Trade and Investment Center (SITIC) and the China-Pakistan Economic Corridor (CPEC) could serve as powerful tools for stimulating foreign direct investment (FDI). He encouraged Malaysian businesses to explore joint ventures in various sectors, such as agriculture, textile, food, pharmaceuticals, sports, footwear, energy, Islamic finance, low-cost housing, infrastructure development, telecommunications, and education. Sheikh also highlighted the potential for training and capacity building collaborations that could contribute to an increase in remittances from Malaysia.
The meeting was attended by KCCI Senior Vice President Altaf A. Ghaffar, Vice President Tanveer Ahmed Barry, Chairman of the Diplomatic Missions and Embassies Liaison Subcommittee Farooq Afzal, Former President Majyd Aziz, and other KCCI Managing Committee Members.
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