Meeting reviews measures to enhance Pakistan-Malaysia trade, investment

KARACHI: A video-link joint meeting arranged by High Commission of Pakistan in Kuala Lumpur with Pak Malaysia Business Council of FPCCI (PMBC) and Malaysia-Pakistan Business Council (MPBC) Kuala Lumpur, was held on 10th November, 2020.

Apart from both the Chairmen of Business Councils, the meeting was attended by Farhan Iqbal, Humayun Habib, Usman Saeed, Faisal Iqbal, Muhammad Aslam and Muhammad Iqbal, Muhammad Anns, Perwaiz Khan, Imtiaz Hussain, Shahzad Sabir and Jahangir Rasheed.

The meeting was presided by Madam Amna Baloch, the High Commissioner of Pakistan in Malaysia and attended by M Bashir Janmohammed, Chairman, PMBC, Dato’ Sri Mohamad Nazir Meraslam, Chairman MPBC, Trade & Investment Counsellor of Pakistan and members of both the business councils.

The overall position of Pakistan-Malaysia bilateral trade was reviewed and measures for promotion of trade and investment was deliberated in view of the fact that the balance of trade between both the countries is consistently titled in favour of Malaysia, since Malaysian export from Pakistan are much lower than the imports of Pakistan from Malaysia.

After welcome note of Shafqat Ali Khan Niazi, Trade & Investment Counsellor of Pakistan High Commission, Amna Baloch highlighted that exports from Pakistan to Malaysia last year (2019-20) were hardly of $267 million, as against Pakistan imports from Malaysia which were at $928 million, which registered heavy trade deficit of $661 million. During the last four months of current year (Jul-Oct) the exports were to the tune of $53.13 million as compared to imports of $361.97 million and therefore, trade deficit of $361.84 million emerged. This trend calls for the need to overcome it by promoting export of both traditional and non-traditional items to Malaysia.

Amna Baloch emphasized that the export to Malaysia should increase as there is a huge potential in this regard. She highlighted the role of PMBC and MPBC and said that in order to overcome the downward trend and to increase export volume, High Commission with Business Councils would work together.

High Commissioner emphasized on export of Information Technology (IT), Halal Food, Fruits, Sports and Surgical goods.

Bashir Janmohammed Chairman Pakistan – Malaysia Business Council of FPCCI pointed out that the main reason for drop in volume of bilateral trade is sharp drop in palm oil imports as Pakistan currently imports its 20 percent requirement from Malaysia and remaining 80 percent is imported from Indonesia. He said quantity is as last year but palm oil prices have gone up to last few months by 25 percent hence import in US dollar is high.

It was discussed in the meeting that export of rice from Pakistan to Malaysia has considerably reduced this year. The reason is that Malaysian are buying large quantity from Thailand and India.

He further stressed on the need to promote export of good quality sports goods (particularly Hockey Sticks & Footballs) and surgical goods manufactured in Pakistan of international quality standard at attractive price. Similarly cotton for Batik can be imported by Malaysia from Pakistan.

Dato’ Sri Mohamad Nazir Meraslam, Chairman expressed that he was working hard with various Chambers/trade agencies in Malaysia to enhance bilateral trade between Malaysia and Pakistan. He suggested that there was need to provide adequate credit facility to Malaysian traders, which would improve the quantum of import from Pakistan.—PR

Copyright Business Recorder, 2020