ISLAMABAD (Nov 22, 2018): With a population of 30 million people, Malaysia exports $220 billion worth of goods and services, while Pakistan with a population of 201 million exported $24 billion. “There’s clearly something we are doing wrong”, said PM Khan in Kuala Lumpur.
Also, the combined value of Malaysia’s exports and imports equals 128 percent of GDP, while Pakistan’s is 19 percent of its GDP.
The premier while addressing the Pakistani community in Malaysia said his team was working on a program to increase exports and diversify.
He also mentioned three other areas that need to be addressed to get out of the financial crisis: Eliminating money-laundering, corruption and attracting foreign investments.
Commenting on economy, PM Imran Khan said the government will make all out efforts to improve governance to attract foreign investment. “The time is not far away when we will be giving loans to other countries,” he added.
The premier said his government wants to replicate the Malaysian model of good governance. The Malaysian leader has totally transformed the country, and raised the per capita income and Gross Development Product (GDP), he said.
He said that past authorities had impeded investors by stopping them from earning profits. “Why would anyone invest in [the country] if they don’t earn profit?” he asked.
“We should help them (investors) to make money,” the premier said, reminding that wealth creation helps a country grow. “Mahathir Mohammad (Malaysian prime minister) told me this 20 years ago, when I met him soon after entering politics.”
PM Khan also urged the overseas Pakistanis to send remittances through legal channels to the country, adding that Finance Minister Asad Umar is striving to create ease in this regard. “Overseas Pakistanis currently send $20 billion which can be easily increased by $10 billion to $15 billion,” he stated.
He said money laundering laws are being amended to further reduce $10 billion sent abroad illegally every year, adding that investigations are underway to ascertain routes and ways used in the illegal practice.
Prime Minister Khan is on a two-day official visit to Malaysia.
PM Khan would also be visiting the Malaysian Anti-Corruption Commission headquarters in Kuala Lumpur, according to the New Straits Times.
Pakistan and Malaysia also signed an agreement to partially abolish of visa requirements for travel between the two countries.
The Malaysian premier Dr. Mahathir Mohamad has also accepted PM Khan’s invitation to attend Pakistan Day celebrations on March 23, 2019.
As the premier’s visit came to an end on Wednesday, the Malaysian prime minister saw him off at the airport, following which Khan departed for Pakistan.
Prime Minister Khan is the first head of government to visit Malaysia since Mahathir Mohamad became prime minister for a second time earlier this year.