Karachi: Sheikh Omar Rehan, Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), has urged Malaysia to reduce its export duty on palm oil. This reduction is expected to boost trade between the two countries and benefit the palm oil import sector in Pakistan. The proposal was made during a meeting between PVMA members and Malaysia’s Consul General in Karachi, Hermann Herdinta Bin Ahmad.
Efforts to Increase Palm Oil Imports and Enhance Trade
Sheikh Omar Rehan emphasized that Pakistan is the largest buyer of palm oil from Malaysia. However, Pakistan currently does not receive any duty relief on palm oil exports under the Free Trade Agreement (FTA). He called on the Malaysian government to consider reducing export duties on palm oil in line with the FTA, which already provides Pakistan with a 15% duty discount on Malaysian products.
Hermann Herdinta Bin Ahmad, the Malaysian Consul General, assured PVMA members that Malaysia would review the proposals related to palm oil imports. He also mentioned that Malaysia would provide assistance and support for palm oil plantation projects in Sindh province, a key initiative aimed at increasing local production. He added that both countries could enhance their trade through mutual exchanges of business delegations, which would open up more opportunities for investment and trade.
112% Increase in Profit Repatriation from Foreign Investments
New Export Opportunities Between Pakistan and Malaysia
In addition, Hermann Herdinta highlighted other areas of potential trade between Pakistan and Malaysia. He noted the growing demand for meat and poultry products in Malaysia, and emphasized that Pakistan could benefit by exporting agricultural products such as meat, rice, salt, and grains. He suggested that Pakistan should focus on increasing exports of these goods to Malaysia.
Sheikh Omar Rehan also pointed out that there are vast opportunities for exporting fish, shrimp, and other seafood from Pakistan to Malaysia. Both leaders agreed on the need to enhance business-to-business meetings and exchanges of trade delegations, which would help expand business opportunities and increase bilateral trade. They also discussed exploring non-traditional products and bartering as ways to further increase trade volume between the two countries.
Follow Day News on Google News, Instagram, YouTube, Facebook, Whats App, and TikTok for latest updates