Meeting of minds: Anwar and Shehbaz in discussion at the Pakistan Prime Minister’s official residence in Islamabad. — Bernama
ISLAMABAD: Prime Minister Datuk Seri Anwar Ibrahim's three-day state visit to Pakistan secured potential trade deals worth RM2.65 billion, according to Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He said Pakistan has committed to increasing its imports of Malaysian palm oil, along with wood-based products, fertilisers, petrochemicals, and oleochemicals.
"The Prime Minister’s visit to Pakistan also resulted in investment commitments worth RM100 million in the halal sector, to be realised within three years," Tengku Zafrul said during a press conference marking the conclusion of the visit today.
He added that both countries will commence discussions next month on reviewing the Malaysia-Pakistan Closer Economic Partnership Agreement (MPCEPA).
Tengku Zafrul said the two nations can also collaborate in sectors such as food, agriculture, halal, information technology and supply chain.
"Malaysia is committed to strengthen further economic cooperation with Pakistan in mutually beneficial areas. With Malaysia’s strategic position in Southeast Asia as well as various similarities between both countries, Malaysia is an ideal gateway for Pakistan to enter other markets in ASEAN,” he said.
The MPCEPA has been in effect since January 2008, and the review is expected to conclude by 2026, Tengku Zafrul noted.
"The review of the MPCEPA aims to secure further benefits for both Malaysia and Pakistan through the free trade agreement," he said.
Tengku Zafrul also announced that the Ministry of Investment, Trade, and Industry (MITI) will open a Malaysia External Trade Development Corporation (MATRADE) office in Karachi on Oct 15.
Following a bilateral meeting at the official residence of the Prime Minister of Pakistan yesterday, MATRADE signed a memorandum of understanding with Pakistan's Trade Development Authority, witnessed by Anwar.
During the state visit, MITI also organised the Malaysia-Pakistan High-Level Business Dialogue, which was attended by both Anwar and his Pakistani counterpart, Prime Minister Shehbaz Sharif.
The dialogue attracted participation from 67 companies and seven business associations from both Pakistan and Malaysia.
Among South Asian countries, Pakistan is Malaysia’s third largest trading partner, top export destination as well as second largest import source in 2023.
From January to August 2024, total trade between Malaysia and Pakistan recorded a 54.8 per cent increase to RM5.68 billion (US$1.21 billion).
Meanwhile, in terms of investment, a total of 27 manufacturing projects with the participation of Pakistani companies valued at RM304.14 million (US$81.89 million) were implemented to create 1,382 job opportunities in industries such as paper, printing and publishing, food processing, textile, and chemicals and chemical products. - Bernama
