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ISLAMABAD, Oct 7 (APP):The current volume of bilateral trade between Malaysia and Pakistan is $1.4 billion, which is far below its potential. The recent three-day visit of Prime Minister Muhammad Shehbaz Sharif can further promote bilateral trade diversification.
Malaysia is Pakistan’s major trading partner in the Association of South-East Asian Nations (ASEAN) and has always supported Pakistan as a full dialogue partner in ASEAN.
The 100,000 Pakistani Diaspora in Malaysia can act as a catalyst for economic, trade and people-to-people relations between the two countries.
In the last three day’s of Prime Minister Shehbaz Sharif’s visit to Malaysia, he stressed the vital role of the private sector in driving economic growth, urging business leaders from Pakistan and Malaysia to seize new opportunities for bilateral trade and investment.
Meanwhile, addressing, Pakistan-Malaysia Business and Investment Conference, the prime minister emphasized that governments could only create enabling environments, but real progress depended on private enterprise.
“It is the private sector that must drive the engine of growth,” the prime minister said. “Governments can only lay the foundation and provide a framework; businesses should be run by business houses, enterprises, and experts, not government.”
The Malaysian Prime Minister Anwar Ibrahim, on the occasion, emphasized the need to foster collaboration under ASEAN, noting that expanding the grouping’s economic footprint would benefit the entire region.
He assured Pakistani entrepreneurs of his government’s support in facilitating smoother business processes and regulatory cooperation.
In agreement, both sides decided that Pakistan will export $200 million worth of Halal meat to Malaysia, assuring to compete on price, quality, and shipment commitments.
During Prime Minister Shehbaz Sharif’s Visit to Malaysia, Pakistan and Malaysia signed six accords to strengthen bilateral cooperation covering different areas, including education, Halal certification, tourism and combating corruption.
The pre-signed documents were exchanged at a ceremony held at Perdana Putra Complex – Office of the Malaysian Prime Minister – during the three-day official visit of Prime Minister Shehbaz Sharif to Malaysia, at the invitation of his Malay counterpart Anwar Ibrahim.
An MoU was also signed between the governments of Malaysia and Pakistan on cooperation in the field of higher education, and the documents were exchanged.
The two sides signed an MoU on Halal Certification, and the relevant documents were exchanged by Minister in the Prime Minister’s Department (Religious Affairs), Dr. Haji Mohd Na’im Bin Haji Mokhtar, and the Minister for Commerce, Jam Kamal Khan.
The sixth accord was meant to enhance cooperation between the Small and Medium Enterprises Development Authority (SMEDA) of Pakistan and the Small and Medium Enterprises Corporation of Malaysia.
Meanwhile, talking to APP here on Tuesday, President Atif Ikram Sheikh hailed the Prime Minister, Muhammad Shehbaz Sharif’s recent visit to Malaysia and said that ”We need trade diversification for increasing the bilateral trade in different sectors.
He said that Malaysia is an important trading partner of Pakistan in the ASEAN region and proves to be a gateway for Pakistan in ASEAN, and Pakistan can provide a 250 million market in terms of population.
President of Islamabad Chamber of Commerce and Industry, Sardar Tahir, talking to APP here, facilitated the Prime Minister, Muhammad Shehbaz Sharif’s three-day visit to Malaysia and said that Malaysia and Pakistan are two major trading partners that can enhance bilateral trade up to $ 5 billion in the next three years.