ISLAMABAD: The Lahore Chamber of Commerce & Industry (LCCI) and Malaysian International Chamber of Commerce & Industry (MICCI) have inked a memorandum of understanding to work together for improving trade, commerce and economic relations between the two countries.
The LCCI President Malik Tahir Javaid and President MICCI Datuk Wira Jalilah Baba inked the Memorandum of Understanding on behalf of their respective organizations. Members of the LCCI delegation Shahid Nazir, Awais Saeed Piracha, Muhammad Wasim, Haseeb Khawar, Shabbir Bhatti, Malik Muhammad Islam, Muhammad Farooq, Mian Faisal Majeed and Muhammad Arshad Bhatti and officials of Malaysian International Chamber of Commerce & Industry were also present on the occasion.
According to the agreement, both Chambers will exchange information relating to their respective markets, trade, economic & industrial policies, investment & foreign exchange laws and custom tariffs.
LCCI and MICCI will facilitate exchange of delegations between the two countries, identify the areas of investment for mutual benefits under joint ventures. Both countries will organize trade fairs or export festivals in its region for the benefit of the guest chamber on a reciprocal basis. They would also identify obstacles in trade and economic cooperation and submission of proposals to overcome them. Both organizations will also launch and collection of statistical data for exploring possibilities of trade, investment, industrial and technological cooperation.
The LCCI presidents Malik Tahir Javaid said that this historic agreement will be proved a milestone and help achieve mutual economic targets. He said that Pakistan is focusing Malaysia as a lucrative destination for Pakistani merchandise. He said that China Pakistan Economic Corridor has created immense investment opportunities. He urged the Malaysian investors to come here and step into joint ventures with their Pakistani counterparts to reap benefits of CPEC. He also threw light on infrastructure and energy related projects in Pakistan and invited the Malaysian businessmen for investment. Malik Tahir Javaid said that Malaysian small and medium industries have great potential to flourish through joint ventures.
President MICCI Datuk Wira Jalilah Baba also welcomed Memorandum of Understanding between the two countries saying that it will ensure timely dissemination of trade related information He said that Pakistani businessmen should enhance cooperation with Malaysian counterparts.
