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Pakistan, Malaysia agree to increase cooperation

ISLAMABAD: Pakistan and Malaysia are negotiating to further reduce duties on existing and additional tariff lines under the Free Trade Agreement (FTA) to facilitate businesses of both countries, High Commissioner of Pakistan in Malaysia Syed Hassan Raza said.

According to a press statement, he said this while addressing a seminar held in Kuala Lumpur on “Doing Business with Pakistan”, jointly organised by Malaysia External Trade Development Corporation (MATRADE) and High Commission of Pakistan Malaysia.

Over 200 Malaysian companies and Pakistani businessmen attended the seminar.

The high commissioner highlighted the investment opportunities and trade potential in Pakistan and informed the participants that there were numerous opportunities for companies to work since both countries have had a functioning FTA since 2008.

Current trading basket by both countries is limited to palm oil, fibre board, rubber, electrical and electronic equipment from Malaysia while from Pakistan main items being exported are rice, maize, cotton, textile and vegetables.

Diversification of products is the key to boosting trade between the two countries, he added.

In regard to investments, he mentioned that the present regime in Pakistan is the most liberal in the region.

Shedding light on Pakistan’s foreign investment policies, the High Commissioner said that it allows foreign equities to be 100% owned by foreign investors and there are no restrictions on repatriation of profits/royalties.

He said special incentives are available for auto sector investors under the new auto policy 2016-21. He also underlined the importance of promoting tourism between the two countries and informed the crowd about the various scenic locations of Pakistan and the reasonably priced shopping.

“The recent development of the China-Pakistan-Economic-Corridor (CPEC), as part of China’s One Road One Belt initiative, is a game changer for the entire South and Central Asia region,” said the High Commissioner.

Earlier, MATRADE Chief Executive Officer Dato’ Dzulkifli Mahmud highlighted the role of MATRADE in the promotion of bilateral investment and trade between Malaysia and Pakistan.

“There are many consumer products under the zero tariff regime and Pakistan offers very attractive opportunities in all trade areas,” said Mahmud.

courtesy : express tribune



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