ISLAMABAD - Pakistan expects to receive around $900 million investment from Malaysia by signing joint ventures in telecommunication, information technology, automobiles and halal food sectors during the visit of Malaysian Prime Minister Dr Mahathir Mohamad to Islamabad.

“Around $800 million to $900 million investment is expected on Malaysian Prime Minister Dr Mahathir Mohammad’s visit of Pakistan,” said Advisor to Prime Minister on Commerce and Investment Abdul Razzak Dawood while addressing a press conference along with Chairman Board of Investment Haroon Sharif. He further said that investments would come in different sectors of economy including telecoms, information technology, automobiles and halal food.

Malaysian Prime Minister Dr Mahathir Mohamad has arrived in Islamabad on a three-day visit to Pakistan. “Pakistan extends very warm welcome to Prime Minister of Malaysia Dr Mahathir Mohamad for visiting the country,” Dawood said. A signing ceremony of Memorandums of Understanding (MoUs) would be held in Islamabad today (Friday) in the presence of Prime Ministers of both countries. On the same day, Prime Ministers of both countries would also attend the Pak-Malaysia Investment Round Table. Top business leaders as well as policy makers of both countries would attend the events.

“Malaysia is providing an opportunity to Pakistan to open up the ASEAN market for trade and investment through strategic partnerships,” the Advisor said. Association of Southeast Asian Nations (ASEAN) is a market of 651 million people with GDP of 3 trillion dollars and high human development index. He further said that Pakistan is ready to tap one of the largest commercial hubs of the world as ASEAN has good trade volume of around $2.6 trillion, services volume of around $703 billion and $136 billion Foreign Direct Investments (FDI). “We will have long term economic and business relations with ASEAN countries and Malaysia can provide opportunity for us to enter in the potential region of ASEAN to benefit the local economy,” he added.

Sharing further details, Dawood said that delegation of around 30 businessmen including telecoms and automobile manufacturing companies of the Asian region like eDoctco group, and PROTON Holdings would exchange MoUs with PMCL, Deodar pvt. Ltd, Telenor Pakistan, and CMPak and PROTON Holdings. He further said that Proton Holding would hold ground breaking ceremony for business activities in Pakistan, in partnership with Alhaj automotive Private Limited. Advisor said that Pakistan wanted to extend its relations with whole world instead to remaining country-specific to exploit the potential from all economies. The incumbent government had connected with different friend countries. Prime Minister Imran Khan had visited to Saudi Arabia, United Arab Emirates (UAE), Qatar and Malaysia to initiate the new beginning of economic and trade ties with these countries, he added.

He said that the foreign investors were willing to invest in Pakistan, because of conducive business environment and opportunities through Special Economic Zones (SEZs). Speaking on the occasion, Chairman Board of Investment Haroon Sharif said the government will provide all possible facilities to foreign investors with security.

He said we should adopt and follow international standards to increase our exports in different sectors. He said Pakistan is already exporting Halal Foods to Saudi Arabia, UAE, Qatar and other countries and it will be further boosted after agreements with Malaysia.

He said that international investors including the ASEAN countries wanted to come in Pakistan for investment in the market of 200 million peoples market and which would have more bright future for long term investment. In the first phase of China Pakistan Economic Corridor (CPEC), infrastructure and energy was priority project and in second phase of industrial cooperation, SEZs would present huge opportunity for foreign investment, he added.