Lahore Chamber of Commerce & Industry (LCCI) and Malaysian International Chamber of Commerce & Industry (MICCI) have inked a memorandum of understanding (MoU) to work together for improving trade, commerce and economic relations between the two countries. President LCCI, Malik Tahir Javaid and President MICCI, Datuk Wira Jalilah Baba inked the MoU on behalf of their respective organizations. According to the agreement, both Chambers will exchange information relating to their respective markets, trade, economic & industrial policies, investment & foreign exchange laws and customs tariffs.
LCCI and MICCI will facilitate exchange of delegations between the two countries to identify the areas of investment for mutual benefits under joint ventures. Both countries will organize trade fairs or export festivals in its region for the benefit of the guest chamber on a reciprocal basis. They would also identify obstacles in trade and economic cooperation and submission of proposals to overcome them. Both organizations will also launch collection of statistical data for exploring possibilities of trade, investment, industrial and technological cooperation.
Malik Tahir Javaid said that this historic agreement will be proved a milestone and help achieve mutual economic targets. Pakistan is focusing Malaysia as a lucrative destination for Pakistani merchandise, he said. He said that China-Pakistan Economic Corridor (CPEC) has created immense investment opportunities and urged the Malaysian investors to come here and step into joint ventures with their Pakistani counterparts to reap benefits of CPEC. He also threw light on infrastructure and energy related projects in Pakistan and invited the Malaysian businessmen for investment. Malaysian small and medium industries have great potential to flourish through joint ventures, he added.
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