KARACHI, May 7: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Malaysian National Chamber of Commerce and Industry (NCCIM) have signed a memorandum of understanding to set up a Joint Business Council (JBC) for promotion of bilateral business activities in more systematic and organized way.

FPCCI President Ch Mohammad Saeed, who has accompanied Prime Minister Shaukat Aziz on his tour to four South East Asian nations including Malaysia, signed the MoU. NCCIM Vice-President Tuan Syed Ali Mohamed Al Attas was the second signatory. The prime ministers of both the countries were also present on the occasion, says FPCCI statement here on Saturday.

The MoU provides that the purpose of joint business council would be to foster friendship and understanding, and to promote trade, investment, technology transfer, services and other sectors of economic activities between the business communities of Pakistan and Malaysia.

It also says that meeting of the joint council would be held once a year alternately in Malaysia and Pakistan to consult on various problems pertaining to the promotion of economic cooperation and exchange of services between the two countries.

The JBC would be composed of representatives to be elected amongst members of business councils set up in the two countries.

It would have a chairman elected from the representatives of the host business council and a vice-chairman elected from amongst the representatives of the visiting business council.—APP