NEW DELHI: The Malaysia External Trade Development Corporation (Matrade) will open an office in Karachi, Pakistan, as part of Malaysia's growing focus on emerging markets.
In key growth areas, Malaysia is looking at boosting trade with South Africa, Libya, Egypt and Latin American countries, Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz told Bernama.
Matrade has 49 offices around the world, with the most recent one launched in Singapore this year. The trade promotion agency has also upgraded its Cairo and Paris offices.
The Karachi Matrade office will open soon, Tengku Zafrul said.
Karachi is Pakistan's main commercial and shipping hub.
Malaysia-Pakistan trade was valued at US$1.4 billion (US$1=RM4.372) in 2023 and has crossed US$1 billion in the first seven months of 2024, according to Matrade figures.
The rapidly growing halal industry is a major area of potential collaboration between Pakistan and Malaysia, Malaysian High Commissioner in Islamabad Datuk Mohammad Azhar Mazlan said earlier this year.
At present, Malaysia's exports in the halal sector are estimated at US$7.65 billion. – BERNAMA