ISLAMABAD, Feb 17: Malaysian Minister for Plantation, Industry and Commodities, Datuc Peter Chin Fah and Federal Minister for Industries Production and Special Initiative, Jehangir Khan Tareen agreed to enhance the level of cooperation and initiate joint ventures in biotechnology, cosmetics and pharmaceutical sectors.

Minister of State for Food, Agriculture and Livestock, Mohammad Ali Malkani was also present on the occasion as both the parties discussed ways and means for extending economic and trade relations between the two countries particularly the agriculture sector.

Both the parties agreed to enhance cooperation in biotechnology, cosmetics and pharmaceutical sectors by involving FILCRA, a Malaysian corporation and Pakistan Industrial Development Corporation (PIDC) in order to set up joint ventures in this regard.

The Pakistani side welcomed the Malaysian delegation and informed them that the agriculture sector was the backbone of Pakistan's economy as it contributed 24 per cent of the Gross Domestic Product (GDP).

Pakistan, they said, was pursuing a liberal agricultural and industrial policy, which was more competitive and in the region. They suggested that Malaysia can take advantage from Pakistan's advancement in biotechnology, cosmetics and pharmaceutical sectors. They also requested Malaysia to extend training facilities to their field staff in palm oil sector.

Earlier, the delegation appreciated the agricultural and economic reforms introduced by the Pakistani government. The Malaysian minister was of the view that Pakistan now offered great incentives and a conducive environment for foreign investors so there was a great scope and need for the enhancement of bilateral trade between the two countries.

TRADE RELATIONS: Meanwhile, a delegation of Malaysian industrialists led by Federal Minister for International Trade and Industry Dato Seri Rafidha Aziz called on Federal Minister for Industries, Production and Special Initiatives Jahangir Khan Tareen and discussed with him they ways to extend economic and trade relations between the two countries particularly in the industrial sector. Both agreed to set up joint ventures in the engineering, textile and meat and fruit processing sectors.