High Commissioner of Malaysia in Pakistan Ikram Bin Muhammad Ibrahim on Wednesday said that his country wanted to have greater bilateral trade with Pakistan as both countries have good potential to do trade in many items.
Food processing products of Pakistan have good scope to penetrate in Malaysian market, he said adding that lack of better connectivity between the private sectors of Malaysia and Pakistan was a hurdle in promoting bilateral trade up to the real potential of both countries that needed to be addressed.
Pakistani manufacturers should focus on products that have greater demand in the global market to improve exports, he said adding that private sectors of both countries should take full advantage of the Pak-Malaysia FTA to improve two-way trade volume.
He expressed these views while speaking as Chief Guest at a reception organized by Mian Arif Hussain, former Executive Member, Islamabad Chamber of Commerce and Industry at Kahuta Industrial Triangle, said a press release.
Speaking at the occasion, Sardar Yasir Ilyas Khan, President, Islamabad Chamber of Commerce and Industry said that Pak-Malaysia bilateral trade was not reflective of the real potential of both countries and both should facilitate private sectors in promoting two-way trade.
He said that many Pakistani products including rice, wheat, mangoes, halal food, seafood, meat products, cutlery and sports goods, spices, handicrafts, light engineering goods, hospital and surgical equipment, pharmaceuticals and gems and jewelry could find a good market in Malaysia.
He called for the provision of missing facilities for the pharmaceuticals companies in Kahuta Industrial Triangle on priority basis to facilitate the growth of industrial activities and exports promotion.
Chairman Founder Group, Mian Akram Farid said that the government was keen to promote industrialization for economic stability. However, he urged that the government to focus on addressing the key issues of the industrial sector on urgent basis and develop all existing industrial estates on modern lines that would give a boost to industrial activities and improve exports.
Mian Arif Hussain and others also spoke on the occasion and demanded the civic bodies to focus on carpeting of roads, restoration of street lights, supply of water and improve sewerage and drainage system in the Kahuta Industrial Triangle so that this industrial estate could play more effective role in industrialization and exports promotion.
Trade diplomacy:
Ambassador of Yemen in Pakistan Muhammad Motahar Alashabi on Wednesday said the trade diplomacy was the best tool to exploit the untapped potential of Yemen.
Addressing the business community in the Faisalabad Chamber of Commerce & Industry (FCCI), he said that Yemen needed everything for its reconstruction and Pakistani exporters should have direct links with their Yemeni counterparts.
“The skilled manpower from Pakistan will also be welcomed in Yemen”, he said and added the both countries should translate the excellent relations into economic terms. He said that Pakistani products were the best and Pakistani exporters should introduce their branded products in Yemen. He also assured full cooperation to Pakistani exporters to have direct links with the reliable business partners from Yemen.
Later, SVP Chaudhary Talat Mahmood presented a FCCI shield to Muhammad Motahar Alashabi.
Businesses:
The Securities and Exchange Commission of Pakistan (SECP), as part of its efforts to promote ease of doing business through meaningful stakeholder engagement, Wednesday held an interactive virtual session with representatives of Overseas Investors Chambers of Commerce & Industry (OICCI).
The session was chaired by the Chairman SECP, Aamir Khan, who briefed the participants about recent improvements in the regulatory ecosystem and highlighted some key changes, including introduction of digital certificate of incorporation, creation of special portal for banks to facilitate account opening, digitization of account opening process for resident and non-residents for investment in the capital market etc, said a press release issued here.
These reforms have greatly improved efficiency of processes, which have been duly reflected in country’s global rankings. During the session, the chairman apprised the OICCI’s representatives about SECP’s future endeavors in that regard to simplify regulatory requirements, reduce compliance cost and leverage technology to improve user experience. He reiterated SECP’s commitment to improving business climate and resolving issues hindering overseas investment.
The SECP Chairman informed the participants that amendments in the Companies Act, 2017 had been laid before the Parliament. The amendments are in line with the government’s vision to promote ease of doing business, improve access to finance and aim to resolve various issues being faced by businesses, especially startups and smaller companies. The OICCI’s representatives, while appreciating SECP’s efforts to facilitate the business community, also shared their ideas and recommendations to improve investor’s confidence in Pakistani market, which would further boost foreign direct investment.