ISLAMABAD, Oct 19: Pakistan and Malaysia will initiate joint ventures in information and communication technology (ICT) sector.

The joint ventures will be initiated in the areas of life sciences, biotechnology, smart cards, wireless technology, innovative ICT solutions, ICT training and creative content development and telemedicine.

According to a press release issued here on Friday, a memorandum of understanding (MoU) to this effect was signed between Pakistan and Malaysia at the Chief Executive Secretariat.

The Pakistan Software Export Board (PSEB) managing director, Shahid Latif Anwar, and Malaysian Multimedia Development Corporation (MDC) chairman, Tan Sri Dr Othman Yeop Abdullah, signed the MoU on behalf of their respective countries in the presence of President General Pervez Musharraf and the visiting Malaysian prime minister Mahatir Mohammad.

The release said it had been agreed that Pakistan and Malaysia would exchange information, experiences and guide each other to adopt best strategies and practices for development of local ICT and multimedia companies, access to venture capital funding and networking amongst identified investors etc.

It said: “The two sides will also facilitate each other in marketing effort.

“Under the agreement, the PSEB and MDC will facilitate joint ventures and strategic alliances between Malaysian and Pakistani companies.

“The two countries will also exchange information and evolve arrangements of joint research and development projects in information technology and other related areas of mutual concern.

“The agreement will greatly enhance cooperation between Pakistan and Malaysia in information and communications technology. The agreement recognises the need and benefits of enhanced cooperation between the two countries for advancements in ICT,” the press release said.

IT SAID: “The two countries share many common goals, including building bridges with global technology centres to establish linkages in furtherance of the development of the MSC and Pakistan respectively and in using and developing ICT for greater advancements through collaboration in various fields.