Malaysia seeks to explore business opportunities

Will send a 30-strong delegation to participate in Expo Pakistan.

ISLAMABAD: Malaysian companies were seriously looking to explore business and investment opportunities in Pakistan, said High Commissioner of Pakistan to Malaysia Shahid Masroor Gul Kiani, while commenting on the announcement of the Malaysian government to send a 30-strong delegation to participate in Expo Pakistan to be held later this year.

“We have spent the last few weeks holding a series of talks with Malaysian trade officials and captains of various industries, and the response to our offer to them to visit Pakistan and explore possibilities for joint ventures and business collaborations has been extremely positive,” he said.

According to a press statement issued from Kuala Lumpur, the high commissioner welcomed participation of the Malaysia External Trade Development Corporation (Matrade) in the expo, and assured the Malaysian companies of the immense business potential of Pakistan in various sectors, especially in the wake of signing of a free trade agreement (FTA) between the two countries effective since January 2008.

“The business-to-business sessions during the event will allow Malaysian businessmen to weigh potential deals with their Pakistani counterparts,” he said, adding “the government of Pakistan will provide foolproof security to all foreign visitors including Malaysians.”

Kiani’s statement came after a news report carried by Malaysia’s state-owned news agency Bernama which quoted Matrade Trade Commissioner Noraslan Hadi Abdul Kadir as saying that Malaysian businessmen were set to explore business and investment opportunities in Pakistan which provide an open and vast scope for joint ventures, particularly in halal food and refineries.

“Pakistan’s agriculture industry is strong, producing basmati rice, mango and seafood, and offers potential in expanding seafood exports,” said Noraslan Hadi Abdul Kadir in a recent interview focusing on bilateral trade between Pakistan and Malaysia.

Kadir said that Pakistani businesses were open to joint ventures, especially for establishing refineries. “They (Pakistan) import a lot of palm oil and there is a huge potential for a refinery business, where Pakistan wants to tap Malaysia’s expertise,” he said.

Pakistan’s annual edible oil consumption was about 3.2 million tons, of which, palm oil accounted for 65% or between 2 and 2.1 million tons. Last year, Malaysian palm oil met 73% of edible oil requirements, while in the first five months of this year it dropped to 60%.

Published in The Express Tribune, June 18^th, 2013.

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