Pakistan Malaysia trade hold potential for growth: LCCI

Lahore Chamber of Commerce and Industry (LCCI) President Malik Tahir Javaid Thursday said that private sector of Pakistan and Malaysia should establish more close contacts and ensure exchange of delegation on reciprocal basis as there is  a lot to share and learn from each other.

According to a press release issued here, he expressed these views leading a delegation of the LCCI which was on a visit to Malaysia.

The delegation visited industrial areas in Kuala lumpur and had B-2-B meeting with Malaysian industrialists besides visiting large-scale manufacturing units, including auto parts, rubber, oil palm processing and manufacturing, light manufacturing, pharmaceuticals, medical technology, electronics, tin mining and smelting, logging, and timber processing.

Objective of this visit was to set guidelines for knowledge and experience sharing that would be equal beneficial for the private sectors of the two countries.

Malaysian top businessmen and government officials gave a detailed briefing to the LCCI delegation about industrial strength and economic reforms of the Malaysian government.

The LCCI president said that economic diversification and modernization was impressive in Malaysia.

He said that Pakistan is abundant with those resources that are available to just a few countries, adding that strategic location of Pakistan is ideal and attractive for the entire world while China-Pakistan Economic Corridor (CPEC) has added to its importance.

He said that textile, food processing, pharmaceutical, auto parts, surgical instruments, sports goods, construction and fertilizer were some of the most important industries of Pakistan while it exported finest quality garments, bed linen, cotton cloth, yarn, rice, leather goods, sporting goods, chemicals, surgical instruments, carpets and rugs.

He said that agriculture sector of Pakistan produced the best quality Agri products and also had over 63.89 million labor force.

He urged the Malaysian investors to come forward and avail huge potential of Pakistan through joint ventures in various economic fields.

Malik Tahir Javaid said that United States, China, United Kingdom, Afghanistan and Germany were major trade partners of Pakistan.

He said that Pakistan was looking to broaden its exports base and wanted to add Malaysia in its most important trade partners.

He said that Pakistan gave highest value to its trade and economic relations with Malaysia and always welcome Malaysian investment.

The LCCI President lauded the efforts of Pakistani Embassy in Malaysia and Malaysian Embassy in Pakistan for cementing relations between the two countries.