According to a recent report, Malaysia and Pakistan announced the signing of memorandums of understanding for cooperation in five major projects in the car assembly, meat, telecom and stone sectors.
Malaysia has invited Pakistan to participate in a defence exhibition it hosts, said the country’s Federal Finance Minister in an informal media talk on Friday.
He stated that Pakistan will showcase its JF17 Thunder – the fighter jet it indigenously developed in collaboration with China. Malaysia has also expressed an interest in purchasing rice and halal meat from Pakistan.”
Pakistan will soon implement an agreement to export anti-tank missiles to Malaysia, it was noted.
In the meantime, both countries have agreed to open branches of their banks in each other’s countries, he said. The finance minister added that Pakistan will capitalize on the Malaysian experience in the tourism industry.
The Malaysian PM expressed the desire to increase trade with Pakistan. He noted that Malaysia had identified many areas where it can enhance its relationship with Pakistan. If Malaysia can increase trade, it will benefit both countries a lot.
The nation is happy to renew relations with Pakistan.
The two premiers will also speak at the round table meeting of the CEOs of industries who want to invest in the automobile and telecommunication sectors of Pakistan.
Pushing international collaboration
Malaysia’s National Policy on Industry 4.0 states that understanding of and access to advanced, cost-effective and interoperable Industry 4.0 technologies are at the core of unlocking the potential of Industry 4.0.
At present, the majority of Malaysian manufacturing firms surveyed adopt less than 50% automation. The experiences from other countries demonstrate the importance of digital/technology labs and collaborative platforms, especially public-private partnerships (PPPs), in disseminating Industry 4.0 technologies and transferring knowledge.
The Government aims to work with global and local industry leads to set up digital and Industry 4.0 demonstration labs. Moreover, standards compliance that fosters interoperability of systems, both nationally and internationally, is important to support seamless value chains, optimise resources and improve productivity.
According to a recent report, the top ten Malaysian business giants are arriving in Islamabad along with Malaysian for participating in Pak- Malaysia Business Leaders’ Round Table.
Representatives from different business sectors including telecom, Halal meat and automobile would participate in the moot. It was noted that the private sector from both the countries would discuss issues of mutual interest, besides exploring opportunities and potential of various sectors of the economy for mutual cooperation.
As many as three memoranda of understanding would be signed on this occasion aimed at increasing cooperation in telecom; information technology and agriculture and food sector.
Malaysia and Pakistan were enjoying historical cordial relations in diplomatic, economic and trade, adding there was a need to expand bilateral trade between the two countries.
Replying to a question, he said Pakistan and Malaysia were the first two Islamic countries that signed the Free Trade Agreement (FTA ) to enhance the bilateral trade.
He said Malaysia Pakistan FTA formally known as the Malaysia Pakistan Closer Economic Partnership Agreement was signed in 2007.
The aim of the FTA was to promote bilateral trade between the two countries by offering tariff preferences on various trading items.
The FTA was one of the most comprehensive agreements Pakistan had signed and covered trade in goods, services, investment and economic cooperation. There was a need to intensify efforts for improving bilateral trade between Pakistan and Malaysia that would be beneficial for the economics of both countries.
Massive trade and investment potential exist between the two counties particularly in the fields of halal food, tourism, telecommunication and renewable energy. This potential must be exploited for mutual interest.