Pakistan has entered a new phase of economic development. “In the past few years, we have seen subdued global growth and witnessed several structural and political shifts in various parts of the world. At the same time, rapid technological changes and tighter domestic constraints are reshaping our economic environment and redefining the playing field for local companies.” These views were expressed by Federal Minister of IT and TelecommunicationsSyed AminulHaque at the Second Pakistan Malaysia Friendship Association (PMFA) Appreciation Awards Ceremony-2020 held at the local hotel the other day. The minister said to adapt and compete effectively in today’s globalized digital economy, our entrepreneurs must adopt differentiated growth strategies. “They must build up strong business capabilities and extensive international networks in order to seize growth opportunities. And importantly, these two strategies are increasingly required relatively early in the company’s development. This is especially so, given the digitalization of the global economy with increasing pervasiveness of e-commerce which allow even small companies to access international markets.” H.E. KhairulNazran ABD Rahman, Consul General of Malaysia in Karachi urged Pakistani business community to focus not only on traditional trade items like textile, palm oil etc, but also diversify their product range ,which may include mango, vegetables and other items. The Consul General said that Malaysia will continue to cooperate with Pakistan on matters of mutual interest for the benefit and interest of the two countries and the region. “Malaysia and Pakistan are good friends and partners, We have been collaborating in the various sectors to increase bilateral trade between both countries.” The CG appreciated important role of PMFA. He said “Allow me to share with you three recent key achievements on our trade and investments:Firstly, the establishment of the Bilateral Joint Ministerial Committee on Trade and Investment, which will have its inaugural session in Islamabad or Kuala Lumpur soon;Secondly, the increase in the exchange of visit by our business delegation; andThirdly, increase in two-way trade. For the period from January to July this year, our trade increased by 4.6% to USD0.85 billion from USD0.82 billion for the corresponding period in 2019. However, as regards the year-to-year comparison, the story is different. Malaysia’s total trade with Pakistan decreased in 2019 by 2.5% to USD1.44 billion (RM5.66 billion) as compared to USD1.47 billion (RM5.93 billion) in 2018. Hence both sides need to undertake necessary measures to address this issue.” President, Pakistan Malaysia Friendship Association(PMFA), Shahid Jawed Qureshi, said that PMFA since its inception in 2005 has been playing a significant role and contribution towards further consolidating the bilateral relationship between the two brotherly countries in the areas of trade, tourism, education, and health. The objective of Awards function is to recognize and acknowledge those Pakistani companies, mostly members of PMFA, which are doing businesses with Malaysia and contributing indirectly towards promoting the bilateral trade. He told EDOTCO invested 130 Million Dollars in Pakistani Telecom sector and plan to expand their business, will invest 250 Million Dollars in next two years. The awards winners included Mr. Hilal Khan Afridi,CEOProton Cars / Al –Haj Auromobile, Mr. GayanPradeepKoralge,Group Director Strategy (Group Head), Mr. Rasheed Jan Muhammad, CEO, MAPAK Edible oil (Pvt) Ltd, Mr. MukhtarHussainDossani Sahib, M/S. Dossani Enterprises,Mr. Hasan Ahmed Jaffarani,Director,M/S. Sunlight Wood Products (Pvt) Limited. Mr. HanifChapriCEOM/S. Farooq Feeds and Allied Products, Mr. NomanLakhani, Chancellor,Ilma University, Mr. Arshad Islam,Patron-in-ChiefPASPIDA.
