Malaysian Companies Encouraged To Explore Untapped Opportunities In Pakistan

KUALA LUMPUR, Feb 28 (Bernama) -- Malaysian companies are encouraged to explore untapped opportunities in Pakistan, says the Trade Development Authority of Pakistan (TDAP) chairman and chief executive, Tariq Iqbal Puri. He said Pakistan and Malaysia have good bilateral trade relations but there was still a lack of business knowledge between the two countries, and hence, there's a huge gap to be filled in terms of trade value. "Last year, the total imports from Malaysia stood at US$2.4 billion, while our exports was at US$165 million," he told reporters at a media briefing in conjunction with the Malaysia-Pakistan Business and Investor Forum, here, Tuesday. He said the trade deficit with Malaysia has increased after the implementation of free trade agreement in 2007, which saw the deficit ballooning from US$1.6 billion to almost US$2.25 billion. "We understand that the main reason for this growing deficit is the increase in imports of palm products, which we have provided enhanced market access to Malaysia," he added. Tariq said palm oil constituted nearly 70 per cent of Pakistan's imports and this is solely responsible for tilting the balance of trade in favour of Malaysia. Therefore, he said Pakistan has acknowledged this issue and is taking steps to narrow this gap. "Currently, the single largest export item from Pakistan to Malaysia is rice which is placed under the highly sensitive list," he added. Tariq said authority has proposed to the Malaysian government to fix a specific quota for the import of rice from Pakistan as a trade-off against the export of palm oil. "Pakistan is also seeking support from Malaysia to address the trade imbalance and suggests if it could consider importing meat and processed meat from us," he added. The Malaysia-Pakistan Business and Investor Forum was held by The Malaysian Institute of Accountants (MIA) in partnership with the TDAP. It aimed to discuss and promote bilateral trade opportunities between Pakistan and Malaysia. Some 150 participants comprising MIA members, businessmen and captains of industry from both countries, attended the forum. --BERNAMA