LAHORE:
The Lahore Chamber of Commerce and Industry (LCCI) hosted three important international delegations in a single day to strengthen business diplomacy and ensure trade facilitation.
Talking to a delegation from the Malaysian Chamber of Commerce, led by Tahira Javed Dogar, Pakistan’s Trade Counsellor in Malaysia, LCCI President Mian Abuzar Shad remarked that they were a strong supporter of the exchange of delegations to promote bilateral trade.
He highlighted Malaysia’s importance as a trading partner of Pakistan in the Association of Southeast Asian Nations (Asean), saying that the Pakistan-Malaysia Free Trade Agreement, signed in 2007, presented a vital opportunity for Pakistani exporters to access Asean markets.
He expressed concern that despite the free trade deal, bilateral trade remained below potential as it was recorded at just $1.5 billion in 2023-24. Exports from Pakistan were $582 million while imports stood at $948 million, leaving the trade balance in favour of Malaysia.
He expressed optimism that the Malaysian delegation’s visit would open new avenues of collaboration in key sectors such as healthcare, pharmaceuticals, mining, engineering solutions and renewable energy, and assured them of full cooperation in follow-up meetings with Pakistani enterprises.
Earlier, Greater Birmingham Chamber of Commerce President Dr Nasir Awan, while leading a high-powered delegation, visited LCCI.
LCCI President Mian Abuzar Shad appreciated the representation of diverse and vital economic sectors in the delegation and pointed out that the UK was one of Pakistan’s top five trading partners.
Later, a delegation of the Pakistan Business Council (PBC), Dubai, headed by its Chairman Muhammad Shabbir Merchant, held a productive meeting with the LCCI president and signed memorandum of understanding.
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