Malaysia secures RM2.65bil potential exports from Pakistan
04 Oct 2024
Investment, Trade and Industry Ministry says it has secured RM2.65 billion of potential exports and RM100 million of potential investment from meetings with Pakistani companies in conjunction with Prime Minister Datuk Seri Anwar Ibrahim’s inaugural visit there.
The potential exports and investment will be implemented within the next three years, involving sectors such as palm oil, timber, fertiliser, petrochemical oleochemical, food manufacturing and pharmaceuticals.
Its minister Tengku Datuk Seri Zafrul Aziz was part of the Prime Minister’s delegation for the visit from Oct 2-4.
Tengku Zafrul had a bilateral meeting with his counterpart, Pakistan commerce minister Jam Kamal Khan to discuss, among others, the proposed review of the Malaysia-Pakistan Closer Economic Partnership Agreement (MPCEPA) and potential cooperation in areas such as food, agriculture, halal, IT and supply chain.
“Malaysia is committed to foster stronger economic partnership with Pakistan in mutually beneficial areas.
“With Malaysia’s strategic location in the heart of Southeast Asia, and various commonalities between both countries, this was our opportunity to strongly position Malaysia as Pakistan’s ideal gateway to other markets in Asean,” he said in a statement today.
Both ministers believe that the signing of the memorandum of understanding between the Malaysia External Trade Development Corporation (Matrade) and Trade Development Authority Pakistan (TDAP) as well as the opening of Matrade office in Karachi would help enhance and deepen both countries’ bilateral economic linkages.
Referencing the robust bilateral economic relations, Jam Kamal Khan proposed a Pakistani business delegation to Malaysia to forge stronger ties between the private sectors of both countries.
The ministry also hosted Malaysia-Pakistan High Level Business Dialogue that was attended by Anwar and Pakistan Prime Minister Shehbaz Shariff together with other ministers.
The business dialogue was attended by 42 prominent Pakistani companies and 24 Malaysian companies in various sectors such as pharmaceutical, food manufacturing, chemicals, automotive and textiles.
Also present were representatives from seven business associations including the Islamabad Chamber of Commerce and Malaysia Pakistan Business Council.
This meeting provided an opportunity for the business community in both countries to share feedback and updates on the policies and strategies in fostering a closer collaboration in new and emerging sectors.
Among South Asia countries, Pakistan was Malaysia’s third largest trading partner and export destination, and the second largest import source in 2023.
From January to August 2024, Malaysia-Pakistan total trade registered a 54.8 per cent growth, reaching RM5.68 billion (US$1.21 billion).
On the investment front, a total of 27 manufacturing projects with Pakistani participation worth RM304.14 million (US$81.89 million) have been implemented, creating 1,382 jobs in industries ranging from paper, printing, publishing, food manufacturing, textile, chemical, chemical products.
Source: NST
