KARACHI, Oct 20: Leader of the 10-member delegation of Federation of Malaysian Manufacturers (FMM) Investment Mission, Tan Sri Dato Soong Siew Hoong has said Malaysian businessmen are interested in joint ventures relating to manufacturing and marketing of cold rolled hollow steel section, electrical wiring switches and sockets.

He said some members were looking for agents, wholesalers and distributors of energy saving equipment for lighting, street lanterns, ballasts, igniters, LV transformers, electrical cables and conductors, palm oil, food seasonings, flavourings and ingredients.

In a meeting with members of the Federation of Pakistan Chambers of Commerce and Industry on Monday, he said the members of his delegation were interested in seeking joint venture collaboration as well as appointment of agents for sale of their products.

He said Malaysia was also interested in cross-border investment in indigenous technologies developed in Malaysia.

Tan Sri Dato said Malaysian, having a population of 24 million, had about two million foreign workers, almost half of whom were illegal. He said that labour cost was going up in Malaysia and added the Malaysian Labour Minister was presently visiting Pakistan for talks with the government authorities on import of Pakistani skilled labour.

Earlier, FPCCI vice-president Arshad Alam said that the Pakistan-Malaysia trade relations did not reflect the cordiality of relations between the two countries. He pointed out that the bilateral trade accounted for only three per cent of the total trade of Pakistan and 0.34 per cent of the total trade of Malaysia. He called for Malaysian support to Pakistan’s efforts to become member of ASEAN regional grouping.

Bashir Janmohammed, chairman of Pakistan-Malaysia Economic Cooperation Committee, said that there were areas in Pakistan where palm oil seed cultivation could be grown and called for Pakistan- Malaysian collaboration in this regard. He informed the members that two edible oil refineries were coming up in Pakistan with the support of Malaysian and Indonesian parties.

In another meeting with Karachi Chamber of Commerce and Industry president Siraj Kassam Teli, Malaysian delegation chief Sri Dato Soong said the mission had come to Pakistan with the idea of cross-border investment programme pronounced by the Malaysian government under the recommendations of its prime minister in view of the changed economic and international trade scenario in the region.

He emphasized South-South cooperation in the wake of changing conditions around the globe and called for close economic relations between the countries in the region, saying that Malaysia was interested in joint ventures with Pakistan.

Sri Dato said Malaysia would be pleased to get exchange of technology for possible joint ventures. He said that his country was ready to import leather goods and other items from Pakistan and increase the import of the items already being imported.

Earlier, Siraj Teli pointed out that Pakistan was the biggest importer of palm oil from Malaysia and that the trade balance was in favour of Malaysia. He added that the items being exchanged between the two countries were to be diversified and increased by identifying more items. Besides rice, the exports of non- traditional items like fruits, handicrafts, carved wood products and carpets can be increased in a big way, he said.

He pointed out the fields, including ship breaking, pharmaceuticals, palm oil refining, food processing, sports goods and construction sectors, might be an important areas of joint ventures.