ISLAMABAD( WNAM REPORT): High Commissioner Malaysia to Pakistan Mohammad Azhar Mazlan has said that there is a potential of $10 billion bilateral trade between Pakistan and Malaysia, which both are working hard.
The High Commissioner of Malaysia said that the current trade volume between Pakistan and Malaysia is $1.8 billion, which is very less than the mutual trade potential of both countries and the role of Islamabad Chamber of Commerce is very important in this regard.
High Commissioner Malaysia to Pakistan Mohammad Azhar Mazlan said this while addressing the gathering of the Business community in Islamabad Chamber of Commerce and Industry (ICCI) along with Senior Businessman Zafar Bakhtawri and Zubair Malik.
Azhar Mazlan said that there are many opportunities for development in the halal industry in Malaysia and Pakistan, in which the private sector of both the countries should play their full role and start the process of mutual dialogue. He said that the potential of Malaysia in the halal industry is quite high and ”we are ready for full cooperation with Pakistan in this regard and we want Pakistan to be a regional hub in the halal industry.
The Malaysian ambassador said that at present there is a large number of Pakistani Diaspora in Malaysia, whose number is around 200,000 and they have a great role in the economy of Pakistan.
He said that the number of Pakistani students in Malaysian universities was 5000 at that time and this number was much higher before Covid-19. Azhar said that Islamic environment is available for Pakistani students in Malaysia, especially the female students who can continue their education there with full religious freedom. The Malaysian envoy said that Pakistan and Malaysia have historical, religious and cultural relations, which historically have many dimensions.
He said that Pakistan is one of the first countries to recognize Malaysia after independence and Malaysia always prioritizes its diplomatic and economic relations with Pakistan. He said that the constitution of Malaysia was written by a Pakistani jurist and from this we can estimate the closeness of the two countries.
The Ambassador said that Pakistan and Malaysia are strategic partners and this partnership is very important in the development and economic prosperity of both the countries.
He further said that Malaysia always welcomes foreign labor and the laborers who have come legally from Pakistan are playing their full role in the economy of Malaysia and they have ample opportunities there.
He said that the Malaysian Embassy provides visa facilities to Pakistani businessmen and in this regard full cooperation will be given with the Islamabad Chamber of Commerce.
The Malaysian ambassador said that Malaysia has been working in the telecom sector in Pakistan for a long time and Malaysian companies are investing here.
He said that Pakistan is a potential market of 240 million which can become a major economic and trading power along with ASEAN countries. He said that Malaysia can give Pakistan rich trade opportunities in ASEAN countries so that the Pakistani economy can move forward.
Vice President Islamabad Chamber of Commerce and Industry , Eng. Azher ul Islam Zafar while addressing on the occasion said that Malaysia has been a very important business partner of Pakistan since seventies.
The Vice President ICCI said that the long standing bilateral relations and close cooperation between the two brotherly countries have covered various areas including trade, investment, education, tourism, culture, defense, and technical assistance in human capital development. In terms of bilateral trade, Malaysia is Pakistan’s 16th largest trading partner while Pakistan is Malaysia’s largest export market in South Asia and the third for import destinations, he said.
He said that undoubtedly, we look forward to a future of closer collaboration for the shared prosperity and development of both nations. More or less 5,000 Pakistani students are studying in Malaysia and there is vast potential for further collaboration in the education sector. But, alarmingly, the estimated worth of Pakistan’s exports to Malaysia is $428M only including Rice, Corn, and House Linens.
Whereas the estimated worth of Malaysian exports to Pakistan is $1.37B ,including Palm Oil, Petroleum Gas, and Margarine, he said.
He informed that Pakistan is continuously facing a trade deficit with Malaysia and the trade imbalance has touched around $1b (US Dollar one Billion).
Hence, there is a dire need for diversifying trade products and taking other steps to enhance Pakistan’s export to Malaysia, particularly, export of Rice, Fruit, Vegetables, Textile, Garments & Seafood, Medical & Surgical Goods and other Non-traditional Products, he added.
Pakistan and Malaysia have the capacity to increase trade volume up to $10 billion annually, therefore the ICCI desires to promote and enhance trade ties and collaboration in bilateral trade, business activities, joint ventures, particularly investment and exchange of trade delegations participation in Fairs and Exhibitions for facilitating both the countries.
Meanwhile, while addressing the ceremony, former President of Islamabad Chamber of Commerce and Industry, Zafar Bakhtauri said that Malaysia should provide support to Pakistan for full dialogue partner with ASEAN countries.
He said that direct flight is very important and necessary in Pakistan and ASEAN countries, especially Malaysia.
He said the free trade agreement between Pakistan and Malaysia was a great development in the trade of both countries.
On this occasion, Zubair Malik in Senior Business highlighted the historical economic and trade relations between Pakistan and Malaysia.
