Pakistan, Malaysia look to bolster economic ties with B2B meetings

August 13, 2023 (MLN): Pakistan imports more and exports less to Malaysia but this can be tackled by exploring avenues for enhancing exports of rice, meat, spices, livestock, dairy products and confectionary items, said Mohammed Tariq Yousuf, President of Karachi Chamber of Commerce & Industry (KCCI) in a meeting with a Malaysian delegation on Saturday.

An 18-member Malaysian delegation led by Chairman Pakistan Malaysia Business Council Datuk Seri Mohamed Nazir bin Meraslam visited the KCCI to hold B2B meetings with their counterparts in Karachi.

Mohammed Tariq Yousuf, while warmly welcoming the members of the Malaysian delegation, hoped that today’s B2B meeting with Malaysian businessmen would yield positive results in improving the existing trade ties between the two countries which have been on a descending note for quite some time now.

“I hope that our Malaysian brothers and sisters will be able to find good partners and generate long-term trade relations with Malaysia,” he said.

Highlighting various commodities and products being exported to Malaysia and some other countries, he said that most of these products have witnessed negative growth which needs to be given special attention so that the trade of all such commodities turns positive from negative growth.

He noted that Pakistan’s exports to Malaysia declined to $299 million in 2023 as compared to $423m in 2022 whereas the imports from Malaysia, during the same period, also depreciated to Rs1.51 billion to US$1.02bn.

He stressed the need to effectively deal with all the trade barriers which have been hindering smooth trade between the two brotherly countries for long.

“These trade barriers are responsible for keeping the trade volume limited even in the presence of FTA which also needs to be upgraded,” he further added.

He was fairly optimistic that trade between Pakistan and Malaysia could improve to a satisfactory level but it would require serious efforts and enhanced interactions between the business communities of the two countries.

Consul General of Malaysia Herman Hardynata Bin Ahmad, in his short remarks, appreciated Karachi Chamber for organizing a B2B meeting with the Malaysia delegation which was here in Karachi to attend the 1st International Food & Agriculture Exhibition.

He hoped that today’s meeting with the business community of the Karachi Chamber would result in multiplying the existing trade volume between the two countries.

Former President KCCI Majyd Aziz, in his remarks, mentioned that due to the foreign exchange crunch being faced by Pakistan, trade with several countries has been switched to barter trade wherein commodities were being exchanged.

“Pakistan and Malaysia must also look into the possibility of having a similar barter agreement which would certainly help in advancing the existing trade volume”, he said.

He further added that brotherly countries can also look into the possibility of having a currency swap agreement which would also prove favorable for both economies.

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