Pakistan's exports to Malaysia up by 155 percent
KUALA LUMPUR (June 25 2010): Pakistan's exports to Malaysia have witnessed an upsurge of 155 percent in the first quarter of this year compared to the same period last year, with bilateral trade registering a growth of 18.3 percent. In monitory terms, the total exports touched to RM 251.19 million compared to RM 98.5 million in the first quarter of the year 2009, the Acting High Commissioner for Pakistan Dr Imtiaz A Kazi told a press conference here.
The Acting High Commissioner said the unprecedented increase in bilateral trade clearly reflects growing business and trade ties between the two countries and was the outcome of Free Trade Agreement (FTA) signed between the two countries in November 2007.
He said the trade potential between Pakistan and Malaysia was far more than the existing volume and urged the traders and businessmen of both the countries to take full advantage of reduced duties and tariffs for a multifold increase.
Dr Kazi said most of the increase in Pakistan's export related to Halal sector. Rice registered an unprecedented increase of 468.3 percent with an export of RM 155.5 million compared to RM 27.36 million. Potato registered an increase of 18.98 percent with an export of RM 9.6 million compared to RM 8.1 million, onion an enormous increase of 12000 percent with export of RM 12.5 million compared to RM 0.01 million of the same period of last year.
Maize made a debut entry with export of RM 5.8 million while other sectors like cotton yarn saw robust growth of 349.009 percent with export of RM 11.59 million compared to RM 3.32 million during the same period last year. The press conference was also addressed by Honorary Investment Counsellor for Pakistan in Malaysia, Dato Salim bin Fateh Din, Razzak Hashim Paracha, Chairman, Karachi Association of Trade and Industry (Kati), Shahaab Sharrif, partner of Utelus of Pakistan and Mohammad Rashid Hashmi, Chief Executive of Mohammad Hashim Tajir Surma.
He said Malaysian exports to Pakistan also registered significant growth in the same period ie 13.8 percent with palm oil and natural rubber showing increase of 18.2 percent and 60.7 percent respectively. In monitory, total bilateral trade registered 18.3 percent increase with an overall trade of RM 1.930 billion compare to last year's trade of RM 1.612 billion in the first quarter'.
The Palm Oil exports to Pakistan showed substantial increase of 28.08 percent with export of RM 1.34 billion compared to RM 1.04 billion in 2009. The insecticide sector increased 8.34 percent with export of RM 5.92 million compared to RM 5.47 in 2009. Natural rubber registered an increase of 60.7 percent with export of RM 16.35 million compared to 10.17 million in 2009.
The Honorary Investment Counsellor of Pakistan in Malaysia Dato Salim bin Fateh Din, who is also the Chairman of Pro-term Committee of the Malaysian Chapter of Joint Business Council (JBC) announced the composition of Malaysian Chapter of Joint Business Council had been finalised and will be formally announced shortly.
Chairman, Kati said the Pakistani traders and investors have now shifted focus from USA and Europe to exploring the markets of South East Asia. He said that there exited an enormous potential in bilateral trade between Pakistan and Malaysia in areas such pharmaceuticals, consumer products, and Halal sectors which needed to explored further.
Shahab Sharif of Utelus said Malaysian traders were keen to import Pakistan's onion, potato, apricot, mangoes and rock salt in raw form and as well as in value-added form.
He said that he had already received order of 250 containers per month from Carrefour, one of the largest hyper markets of Malaysia and 20 containers of potato per week from another buyer besides receiving orders in bulk for import of Pakistani apricot, mango, and rock salt.
The Chief Executive of Mohammad Hashim Tajir Surma Mohammad Rashid Hashim said that Pakistan was reasonably strong in halal cosmetic and dietary products and Malaysia could be one of the major markets for their export. Later the media visited the Pakistani stalls and were briefed on the products exhibited in Pakistan pavilion. The 7th annual edition of MIHAS, the premier Halal Showcase of Malaysia was officially inaugurated on 23rd June and will continue till 27th of this month.