Pakistan and Malaysia signed four key MoUs to boost trade relations, enhancing cooperation in halal meat, rice exports, and start-up investments.
Pakistan and Malaysia have taken a significant step toward enhancing their bilateral trade relationship. In a recent development, both countries signed four important Memorandums of Understanding (MoUs) to strengthen trade ties across various sectors. The agreements focus on halal meat exports, rice trade, startup investments, and fostering economic collaboration. These new agreements mark the beginning of a stronger partnership between Pakistan and Malaysia, paving the way for future business ventures.
Strengthening Trade Through MoUs | Pakistan-Malaysia trade Relations
In a landmark event, Federal Minister for Commerce Jam Kamal Khan, along with Malaysian business leaders, witnessed the signing of four key MoUs. The agreements focus on the following areas:
- Halal Meat Trade: An MoU between Pakistan’s Fauji Meat Limited and Malaysia’s NSK promises a partnership in the wholesale, retail, and distribution of halal meat. This collaboration is expected to boost Pakistan’s halal meat exports to Malaysia.
- Rice Exports: Pakistan has removed the Minimum Export Price (MEP) for rice, creating a more competitive market. Malaysia has expressed interest in enhancing its import of Pakistani rice, further strengthening agricultural trade.
- Investment in Startups: The Gobi VC Investment Fund has pledged $300,000 to Pakistani startup Qistbazar. Additionally, a $50 million fund is set to support local startups in the future.
- Halal Trade Cooperation: An MoU between Pakistan and Malaysia’s Business Councils aims to boost cooperation in halal trade, focusing on expanding market access for Pakistani halal products.
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Pakistan’s Commitment to Halal Standards
Pakistan has reaffirmed its commitment to maintaining high halal standards in meat production, a significant factor in boosting exports to Malaysia. The government has actively facilitated the accreditation process for Pakistani meat exporters to meet Malaysia’s strict halal guidelines. This move is expected to streamline halal meat exports and strengthen bilateral trade ties.
Boosting Pakistani Rice Exports | Pakistan-Malaysia trade Relations
Pakistan’s rice renowned globally, and with the removal of MEP, Pakistani exporters are now able to offer more competitive prices. Malaysia has shown interest in importing larger quantities of rice, further boosting agricultural trade between the two nations.
Investment in Pakistan’s Growing Startup Ecosystem
The startup ecosystem in Pakistan is set to receive a significant boost, with Malaysian investors committing millions to local startups. The Gobi VC Investment Fund’s pledge of $300,000 to Qistbazar marks a pivotal moment in fostering innovation and entrepreneurship. The $50 million fund aimed at supporting Pakistani startups will further elevate the country’s tech scene.
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Economic Cooperation Between Pakistan and Malaysia
In addition to trade agreements, Pakistan and Malaysia’s ministers discussed their longstanding friendship and potential for economic growth. Malaysia has invited Pakistan to participate in ASEAN activities as it assumes the chairmanship. This collaboration could open new doors for regional partnerships, fostering further business ventures between the two countries.
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