Prospects of joint Venture between Pakistan and Malaysia discussed

Mr. Muhammad Nafees Zakaria High Commissioner of Pakistan Designate to Malaysia visited FPCCI and attended a meeting of Pak Malaysia Business Council FPCCI held under the chairmanship of Mr. Zubair Tufail President.

The Meeting inter-alia was also attended by Mr. S.M. Muneer Former President FPCCI and former CE TDAP as chief guest, Mr. Ishtiaq Baig, Mr. Saqib Fayyaz Magoon, Mr. Dhani Bux Memon, Vice Presidents, FPCCI and Mr. Bashir Jan Muhammad Chairman Pak Malaysia Business Council, FPCCI, Mr. Riaz Sheikh Pakistan Commercial Counsellor in Malaysia.

Mr. Zubair Tufail President FPCCI in his welcome speech suggested the Pakistani envoy in Malaysia to invite Malaysian investors to establish industrial units in Special Economic Zones being established under CPEC’s scheme allowing 10-years exemption from Income Tax to such industries. He also urged the Government of Pakistan to provide a level playing field to Pakistani entrepreneurs as well in duty free import of raw material. He added that the Chinese entrepreneurs should also be restricted to import the raw material available.

Mr. Bashir Jan Muhammad Chairman Pak Malaysia Business Council FPCCI informed that he has been clamoring for long to establish and Export Display Center in the Pakistan’s Embassy in Malaysia to create awareness about Pakistan’s trade potential among the Malaysian counterpart.

Mr. S.M. Muneer proposed that Commercial Counselors in all the Pakistan’s Embassies throughout the world be appointed from the business community as the performance of the bureaucratic commercial counselor has not been satisfactory in boosting the trade between their respective countries. He citing his example as a Chief Executive of TDAP recalled that prior to 2013 the TDAP was plunged into mega corruption of Rs 13 billion scandals involving high profile political and bureaucratic personalities who are now facing trials in honorable High Courts.

High Commissioner said that Malaysia is a very big market Pakistani salt however, Pakistani salt exported in Malaysia does not mention, “Made in Pakistan” although Pakistan possess second largest salt mines after Canada. He also agreed to explore the potential of Joint Ventures in establishment of Hotel industries and Real Estate in Pakistan in collaboration with Malaysian Investors.