Malaysia and Pakistan are to constitute a bilateral Ministerial Committee, together with a Business Council and working groups, to encourage the further development of bilateral trade and investment between the two countries.
Following a meeting in Kuala Lumpur between Malaysia’s International Trade and Industry Minister, Datuk Mustapa Mohamed, and Pakistan’s Foreign Minister, Makhdoom Shah Mahmood Qureshi, it was announced that the existing bilateral free trade agreement (FTA) would be reviewed in an attempt to increase its utilisation.
Pakistan’s Foreign Minister was reported as saying that, although the FTA was signed in November 2007, trade and investment flows between the two countries remains extremely low, despite the potential that existed, particularly in serving Pakistan’s large consumer market.
He said that Pakistan also intended to set up an “exclusive economic zone” for Malaysian industrial investors in Sindh province where they can establish manufacturing facilities to supply products to Pakistan and other Asian markets.
Investment incentives are likely to be provided, including tax exemptions and subsidies.
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