On Wednesday, Ikram Bin Muhammad Ibrahim, High Commissioner of Malaysia in Pakistan, said that his country wanted to have greater bilateral trade with Pakistan as both countries have strong potential to trade in many products.
Pakistan’s food processing products have a strong scope to enter the Malaysian market, adding that the lack of better connectivity between Malaysia and Pakistan’s private sectors is an obstacle to promoting bilateral trade to the real potential of the two countries that needs to be tackled.
Pakistani producers should concentrate on goods with higher global market demand to increase exports, he said, adding that both countries’ private sectors should take full advantage of the Pak-Malaysia FTA to improve the amount of two-way trade.
He shared these views while speaking as Chief Guest at a reception organised by Mian Arif Hussain, former Executive Member of the Kahuta Industrial Triangle Islamabad Chamber of Commerce and Industry, a press release said.
Speaking on the occasion, Sardar Yasir Ilyas Khan, President of the Islamabad Chamber of Commerce and Industry, said that bilateral trade between Pak and Malaysia did not represent the real potential of both countries and that both should promote the promotion of two-way trade by the private sector.
He said that a strong market could be found in Malaysia for many Pakistani products, including rice, wheat, mangoes, halal food, seafood, meat products, cutlery and sports goods, spices, handicrafts, light engineering products, hospital and surgical equipment, pharmaceuticals and gems and jewellery.
He called for the provision, on a priority basis, of missing facilities for pharmaceutical companies in the Kahuta Industrial Triangle to encourage the growth of industrial activity and the promotion of exports.
Mian Akram Farid, Chairman of the Founder Party, said that the government was keen on supporting industrialization for economic stability. He urged the government, however, to concentrate urgently on addressing key industrial sector issues and to expand all existing industrial estates on modern lines that would boost industrial activities and increase exports.
Mian Arif Hussain and others also spoke on the occasion and called on the civil authorities to concentrate on road carpeting, restoration of street lights, water supply and development of the Kahuta Industrial Triangle’s sewerage and drainage system so that this industrial estate could play a more effective role in industrialization and promotion of exports.
Diplomacy in trade:
On Wednesday, Yemen’s Ambassador to Pakistan, Muhammad Motahar Alashabi, said trade diplomacy was the best tool to exploit Yemen’s untapped potential.
In the Faisalabad Chamber of Commerce & Industry (FCCI), addressing the business community, he said Yemen needed something for its rebuilding and Pakistani exporters should have direct ties with their Yemeni counterparts.
“Pakistan’s skilled workforce will also be welcomed in Yemen,” he said, adding that the two countries should translate their excellent relations into economic terms. He said Pakistani products were the best, and the branded products in Yemen should be launched by Pakistani exporters. He also assured Pakistani exporters of complete cooperation in order to have direct ties with Yemen’s reputable business partners.
SVP Chaudhary Talat Mahmood later presented Muhammad Motahar Alashabi with an FCCI shield.
Enterprises:
As part of its efforts to facilitate ease of doing business through meaningful stakeholder interaction, the Securities and Exchange Commission of Pakistan (SECP) held an engaging virtual session with representatives of Overseas Investors Chambers of Commerce & Industry on Wednesday (OICCI).
The meeting was chaired by SECP Chairman Aamir Khan, who briefed participants on recent regulatory ecosystem reforms and highlighted some key changes, including the implementation of digital certificates of incorporation, the development of a special portal for banks to facilitate account opening, the digitization of resident and non-resident account opening processes for investment in banks
These reforms have significantly improved process performance, which has been properly reflected in the country’s global rankings. During the meeting, the President told the members of the OICCI about the future efforts of the SECP to simplify regulatory standards, reduce enforcement costs and utilise technology to enhance user experience. He affirmed the dedication of the SECP to the improvement of the business environment and the resolution of problems hindering foreign investment.
The President of the SECP told the participants that the Parliament had been presented with amendments to the Companies Act, 2017. The amendments are in line with the government’s vision of promoting ease of doing business, improving access to finance, and addressing different issues facing companies, especially start-ups and smaller businesses. Although appreciating the efforts of the SECP to facilitate the business community, the representatives of the OICCI also shared their ideas and suggestions for enhancing investor trust in the Pakistani market, which would improve foreign direct investment further.