ID :
341822
Fri, 09/19/2014 - 12:59
Auther :

Enter Joint Ventures With Pakistani Firms To Tap Country's Potentials, Says Trade Envoy

By Saraswathi Muniappan NEW DELHI (India), Sept 19 (Bernama) -- Malaysian companies should seriously look into ways, including joint-ventures (JVs) and transfer of technology, to enter a market such as Pakistan. Malaysia's Trade Commissioner in charge of Pakistan, Mazlan Harun, said with over 180 million people, Pakistan offered enormous opportunities for consumer goods, halal food and cosmetics as well as lifestyle products. "Besides exporting goods and services, Malaysian companies should seriously look into other market entry possibilities, such as JVs and transfer of technology with Pakistani partners," Mazlan, who is on a three-day official visit to Karachi, Pakistan, told Bernama via email. The ventures would enable Malaysian firms to fully tap the country's potential, he said. Mazlan, who is based in Mumbai, India, said the main objective of the visit to Karachi, Pakistan's financial centre, was to strengthen relations with local businesses and identify new business opportunities for Malaysia. The trade commissioner's schedule from Sept 17-19, 2014, in Karachi included meetings with the Federation of Pakistan Chamber of Commerce and Industry as well as the Karachi Chamber of Commerce and Industry. During the meetings, he highlighted Malaysia's reliable and effective source of diversified quality products and services. He said the signing of Malaysia-Pakistan Closer Economic Partnership Agreement (MPCEPA) in November 2007 has strengthened bilateral trade. However, there were vast areas of potential that have yet to be fully explored such as in the services sector and investment, he said. Consul-General of Malaysia in Karachi, Abu Bakar Mamat, who was also at these meetings, said there was a need for businesses from both countries to unlock full potentials of MPCEPA and lay foundation for an expansion of mutually-beneficial collaborations. In 2013, bilateral trade between Malaysia and Pakistan stood at US$1.88 billion. However, annual trade balance is heavily tilted in Malaysia's favour due to exports of Malaysian palm oil to Pakistan. Malaysia's other exports include electrical and electronic, timber and wood products, machinery and appliance parts, chemical products as well as processed food. Pakistan major exports to Malaysia are textile and clothing, agriculture goods such as rice, vegetables and frozen seafood. It is understood that Pakistan wants Malaysia to give preferential treatment for its rice. --BERNAMA

X