Pak-Malaysia business forum ready to kick off

Trade between the two countries has tripled in five years.

ISLAMABAD: As many as 120 businessmen, including 100 from Malaysia, are set to attend the Pakistan-Malaysia Business Forum being held in Kuala Lumpur on September 13 to explore avenues for joint investment and business opportunities in Pakistan. The day-long event is being organised jointly by Trade Development Authority of Pakistan (TDAP) and High Commission for Pakistan in Malaysia.

The forum is likely to serve as an ideal opportunity for businessmen from Pakistan and Malaysia to identify key areas of economic cooperation and forge joint ventures in major sectors, including textile and clothing, rice, fruits and vegetables, seafood, leather and leather products, and electronics, says a press release issued here. Dato Mukhriz Tun Mahathir, Deputy Minister of Ministry of International Trade and Industry (MITI) will chair the inaugural session of the forum while Datuk Dr Rebecca Fatima Sta Maria, Secretary General, MITI, Zafar Mahmood, Secretary Commerce, Government of Pakistan, and Tariq Iqbal Puri, Chief Executive Trade Development Authority of Pakistan (TDAP), will also speak at the occasion.

During the visit, the Pakistani delegation headed by Secretary Commerce is also scheduled to attend the inaugural meeting of the Joint Review Committee at MITI Headquarters besides holding separate meetings with key government officials and ministers, including MITI Minister Datuk Seri Mustapa Bin Mohamad, Minister for Plantation, Industries and Commodities, Tan Sri Bernard Dompok and Malaysia External Trade Development Corporation (Matrade) Chairman Dato Mah Siew Keong.

Commenting upon the upcoming Pakistan Malaysia Business Forum, High Commissioner for Pakistan in Malaysia, Masood Khalid said that the event was very significant and a record 120 Malaysian businessmen had already confirmed their participation in it to learn about business opportunities in Pakistan.

He said Pakistan and Malaysia were both signatories to the Malaysia Pakistan Closer Economic Partnership Agreement (MPCEPA), the first bilateral FTA between two Muslim countries and members of the OIC.

“This agreement is Pakistan’s first comprehensive FTA which incorporates trade in goods and services, investment and economic cooperation and Malaysia’s first bilateral FTA with any South East Asian country,” he said, adding that the agreement is a timely initiative by both governments to secure a market for their export products and deepen economic and trade relations with each other.  Meanwhile, on bilateral trade between Pakistan and Malaysia, Masood Khalid said that the trade between the two countries had already grown from $772.47 million in 2005-06 to $2,019.264 million in 2009-10.

“Pakistan’s exports to Malaysia during this period have also jumped from $63.9 million to $194.7 million (registering an increase of 204.38%) while Pakistan’s imports from Malaysia had recorded an increase of 157.52% from $708.5 million to $1,824.54 million.”

Published in The Express Tribune, September 12^th,  2011.