Pakistan has little share in Malaysia imports
The government may face some resistance from the World Bank and the IMF, which often oppose restrictions on imports. Photo: file
Pakistan’s share in Malaysian imports of $238 billion is insignificant that can be enhanced through little efforts and Pakistani embassy in Malaysia can play an instrumental role in this regard.
Lahore Chamber of Commerce and Industry (LCCI) Senior Vice President Mian Rehman Aziz Chan said this while talking to a delegation of Malaysian entrepreneurs, led by Waseem bin Ahmed.
Chan pointed out that Pakistan and Malaysia had close and cordial relations since long and the relationship was growing and strengthening further with the passage of time, but it should be reflected in mutual trade and economic ties too.
He said that Pakistan’s major exports to Malaysia were cereals, textile and clothing, rice, vegetables, seafood (fresh, chilled and frozen), chemical and chemical products, whereas major imports from Malaysia were palm oil, chemical products, electrical and electronic products.
Other exports from Pakistan to Malaysia included fish, potato, onion, maize, cotton yarn, woven fabrics, synthetic fibre, bed linen, electrical apparatus for telephone lines and parts and accessories.
Other imports from Malaysia were rubber, wood, synthetic filament yarn, insecticides, automatic data processing machines and parts and accessories.
However, “it is a bit discouraging that Pakistan is not in the list of top trading partners of Malaysia despite having good relations and best products in the world,” Chan remarked.
The balance of trade, he said, had always been in favour of Malaysia and “we want to acquire some justifiable share in trade with Malaysia, as there is a huge potential for export of Pakistani rice and fresh fruits like citrus and mango”.
The LCCI SVP underscored the need for joint ventures between the two countries in the fields of livestock and dairy, food processing, energy, chemicals, halal products and light engineering, which could further strengthen trade ties between the two countries.
“We need to develop good liaison with our mission in Malaysia in order to overcome all the challenges involved in enhancing exports,” Chan added.
The Malaysian entrepreneurs informed the Pakistani businessmen that there were tremendous employment opportunities for Pakistan’s skilled labour in Malaysia, especially in palm production.
Pakistanis should avail themselves of those opportunities, which would help increase the inflow of foreign exchange, they said, adding that Pakistan and Malaysia had cordial relations and both should take full advantage of the trade and business opportunities in each other’s country.
They acknowledged that Pakistan had huge potential for export of rice, fresh fruits, livestock and dairy, energy, chemicals and halal products to Malaysia.
Published in The Express Tribune, June 5th, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.