ISLAMABAD: Pakistan and Malaysia are keen to enhance economic ties between the two nations, aiming to exploit the Special Investment Facilitation Council (SIFC) facilities offered by Pakistan.
In a recent meeting in Riyadh, Pakistani Prime Minister Anwaar-ul-Haq Kakar and Malaysian counterpart Anwar Ibrahim shared ideas to explore opportunities under SIFC and bilateral economic relations.
This was stated by the Malaysian High Commissioner (HC) to Pakistan, Mohammad Azhar Mazlan, during his visit to the WE News head office in Islamabad.
Speaking there, the High Commissioner said SIFC is a good opportunity from the Pakistan side, and in the next year, 2024, will be the year for some big bilateral relations breakthroughs. This and future meetings will offer opportunities to exploit bilateral terms, which Malaysia is now looking forward to and working on it keenly.
The annual bilateral trade size between Pakistan and Malaysia has surpassed $ 1.8 billion, and both states are determined to extend their trade and investment coordination in multiple sectors of the economy further.
With over one hundred and ten thousand Pakistanis residing in Malaysia and having active Pakistani political parties wing there, the trade between the two nations reflects close and warm relations.
Pakistan, despite having great bilateral ties with Malaysia, is third in trade in South Asia, which needs to improve and work upon a lot in the near future.
Among the traded goods, apart from palm oil and palm-based agriculture products, chemicals and chemical products, electrical and electronic products, and others, many other products are being traded.
Historic Ties Between Pakistan and Malaysia
Acknowledging the significant educational ties between the two countries, the High Commissioner revealed that Malaysia is currently hosting around 5,000 Pakistani students pursuing their academic dreams.
Additionally, prior to the COVID-19 pandemic, a substantial number of Pakistanis sought higher education opportunities in Malaysia, reflecting the commitment to further expand and enhance this relationship. The trade opportunities during Covid-19 were also exploited well by Malaysian traders, and hand gloves were also imported in large quantities by Malaysia.
Recognizing Pakistan’s tremendous potential, given its sizeable population of approximately 240 million, the High Commissioner emphasized the abundant opportunities for collaboration between the two countries, particularly in the realm of business.
Recognizing the valuable contribution of Pakistani alumni who had the opportunity to receive training in Malaysia, the High Commissioner called them “Malaysian Ambassadors” in Pakistan, attributing their exposure to Malaysia’s expertise as a positive influence in fostering stronger ties between the two nations.
The formal two-sided relations between both Islamic brother nations, Malaysia and Pakistan, date back to following Malaysia’s independence in 1957 and have kept on growing stronger and warmer over the years. These ties have now spread into several significant areas like culture and tourism, education, defense, technical assistance on human resource development, trade, and investment.
