High Commissioner of Malaysia Dato Mohammad Azhar Mazlan said that Free Trade Agreement (FTA) signed between Pakistan and Malaysia in 2007-08 is being updated to synchronise it with the emerging socioeconomic needs and to exploit the full potential of the two countries.
Pakistan, Malaysia move to unlock wider trade, investment potential through updated FTA: Malaysian envoy
FAISALABAD, Oct 08 (APP): High Commissioner of Malaysia Dato Mohammad Azhar Mazlan said that Free Trade Agreement (FTA) signed between Pakistan and Malaysia in 2007-08 is being updated to synchronise it with the emerging socioeconomic needs and to exploit the full potential of the two countries.
Addressing the business community in Faisalabad Chamber of Commerce & Industry (FCCI), he quoted the visits of Prime Ministers of the two countries and said that in accordance with their vision practical steps are being taken to give a quantum jump to bilateral trade.
He said that Malaysia has set up a MATRADE office in Karachi while a business summit is also scheduled to be held next week in Islamabad.
He invited President FCCI to participate in it along with his office bearers and executives.
The High Commissioner said that Malaysia was importing quality textile products from Faisalabad for the last many years and he was trying to convince Malaysian businessmen to invest in this city for the manufacturing of cloth specific for the ASEAN market of 700 million population.
He said that Pakistan and Malaysia are the two first Islamic countries who had entered into the FTA regime but still our bilateral trade is below than the $2bn.
He said that Malaysia was importing rice, meat and other agricultural products from Pakistan to meet its domestic requirements in addition to exporting the surplus after adding value to it.
He said that concerned ministries of Pakistan and Malaysia are currently engaged in updating the FTA to enhance bilateral trade in addition to trying to maintain trade balance between the two countries.
He proposed that Pakistan should improve the quality of its products to get a major share from the Malaysian markets.
He said that this High Commission could also provide Pakistani exporters the list of products required for the Malaysian markets.
About dry coconut, he said that he would request Malaysian exporters to explore this area while Pakistani exporters could also export onion and potato to Malaysia.
He disclosed that Malaysia was manufacturing lipstick from mango and other Hilal cosmetic products. “This technology could also be provided to the Pakistani investors”, he said and added that investment and joint ventures are suitable for these projects.
He said that a Lahore based firm is establishing a halal gelatin factory in Malaysia while cooperation in halal products and certification could also be enhanced.
Responding to a question, he said that a storage tank for raw palm oil has been established in Karachi along with a refinery to supply refined oil to the local oil factories.
Earlier, Arif Ehsan Malik President FCCI said that Faisalabad was strategically located in the heart of Pakistan which was also contributing 15% towards total export of Pakistan while its share towards national GDP is around 20%.
He said that Faisalabad housed the largest industrial estate sprawling over 8400 acres of land where Malaysian investors could also set up their hi-tech and demand driven units.
He said that the EU has fixed a deadline of 2050 for a green economy while Faisalabad was already recycling 65% of its textile waste.
He said that FCCI has been demanding from its government to declare Faisalabad as the first textile circular city of Pakistan.
He requested the High Commissioner to contribute his role through Malaysian knowledge, expertise and skill in this particular sector.
About halal products, he said that FCCI and Malaysia should organize halal business forum to promote halal products throughout the industrial chain.
A question-answer session was also held which was participated by Syed Zia Alumdar Hussain, Executive Members Muhammad Mughees, Sheikh Muhammad Fazil, Hunain Hamid, Muhammad Umer and others.
Later, Senior Vice President FCCI Mian Muhammad Saeed offered vote of thanks while Arif Ehsan Malik presented FCCI shield to Dato Mohammad Azhar Mazlan.
The Malaysian High Commissioner also recorded his impressions in the FCCI Visitor’s Book.
Vice President FCCI Muhammad Yasin, Executive Members Muhammad Azhar Chaudhary, Imran Latif, Muhammad Yousaf and Ahsan-ul-Haq were also present during this meeting.
