Share this story!            

Pakistan and Malaysia agree on joint ministerial trade committee

* Malaysian businessmen to get incentives to invest in Pakistan
* Foreign minister invites Malaysian investors to Expo Pakistan in December

KUALA LUMPUR: Pakistan and Malaysia on Wednesday agreed to form a joint ministerial committee, a business council and working groups to review and carry forward the decisions reached between the two countries for bilateral trade and investment.

The decision was made in a meeting between Foreign Minister Shah Mehmood Qureshi and Malaysian Minister for International Trade and Industry Dato Mustapa Bin Mohamed in Kuala Lumpur.

Qureshi said although Pakistan and Malaysia were engaged in trade and investment, its volume was much less than the potential for bilateral business.

He said free trade agreement signed between Malaysia and Pakistan in November 2007 was highly under-utilised and urged the agreement’s review for enhancing trade relations.

The foreign minister also suggested the formation of a joint ministerial committee to follow up on the implementation of the decisions.

He also suggested the formation of a joint business council consisting of representatives from the chambers of commerce and industries of both countries in order to promote bilateral trade.

Qureshi said Malaysia could benefit from investing in Pakistan, as the country had a consumer market of 170 million people.

He said Malaysian construction firms could benefit from the booming housing market, which needed 6.5 million low-cost houses each year.

He said Pakistan had also set up an exclusive economic zone for Malaysia in Sindh, where Malaysian investors could set up their manufacturing base and supply the products across Pakistan, Central Asia and South West Asia.

The foreign minister said the government would extend all out assistance to Malaysian businessmen in setting up industries in Pakistan.

He also invited Malaysian businessmen and investors to participate in Expo Pakistan from December 3-5, as it would give them the opportunity to showcase their products for buyers from across the world.

The Malaysian minister welcomed Qureshi’s proposals and assured Kaula Lumpur’s support and cooperation in promoting bilateral trade and investment.

The Malaysian minister also agreed on forming the joint ministerial commission and joint business council for the monitoring and implementation of bilateral trade decisions. app

Home | National

Share this story!