In an effort to strengthen international relations and promote bilateral trade and investment opportunities, Zia Noor has been appointed as Pakistan’s Honorary Investment Counsellor (HIC) in Malta by the Board of Investment (BOI) under the office of the Prime Minister of Pakistan. The counterpart of the Board of Investment of Pakistan is Malta Enterprise, the primary agency tasked with investment, trade, and commerce in Malta.
Unlocking potential in bilateral trade
Malta, being a small but strategically positioned country in the European Union, relies heavily on imports for various resources and goods. Despite Pakistan’s robust export portfolio, its presence in Malta’s market has remained underdeveloped. A significant volume of goods like rice, tiles,textiles, sports equipment and goods, and cement—all staples in EU trade—is exported from Pakistan to other EU countries, bypassing Malta altogether. Pakistan’s focus is now on tapping into this untapped market, building its export reputation, and establishing direct trade links with Maltese businesses.
One of the prime examples lies in the rice industry. Currently, much of the rice consumed in Malta is imported from Italy. However, Italy itself sources rice from South Asia, including Pakistan. This additional layer in the supply chain inflates prices for Maltese consumers. Direct imports from Pakistan would not only reduce costs but also provide premium quality products without the markup imposed by intermediaries.
The Pietà Pakistan Centre: A networking catalyst
To bridge this gap and foster closer business ties, a centre has been established in Pietà, Malta. This serves as a platform for Pakistani manufacturers and Maltese entrepreneurs to connect, network, and showcase their products and services. From the food industry to the automotive sector, the goal is to attract high-profile businessmen from both countries to explore mutually beneficial opportunities.
Pakistani manufacturers are already reaching out to Maltese counterparts, but there is a need for greater awareness and engagement. The Pietà centre acts as a gateway, demonstrating the vast potential for direct trade and investment. By bringing stakeholders together under one roof, it paves the way for long-term partnerships and economic growth.
Investment opportunities: A two-way street
Trade is just one facet of the relationship between Pakistan and Malta. Investment opportunities are equally promising. Wealthy Pakistani businessmen are increasingly looking to invest in Malta, recognising its advantageous location within the EU. For instance, there is a growing interest in setting up manufacturing plants for surgical equipment in Malta. With ongoing tenders to supply surgical instruments to the local hospital, establishing such facilities locally would be both logistically and economically advantageous.
A factory in Malta, owned by Pakistani investors but producing goods locally, would not only streamline the supply chain but also boost Malta’s exports. Products ‘made in Malta’ could be proudly stamped and exported across the EU, enhancing the nation’s industrial reputation. This endeavor would also create jobs for Maltese workers, contributing to the local economy.
Conversely, Malta’s investment in Pakistan could open doors to a market of over 230 million people. Industries such as technology, textiles, and agriculture present lucrative opportunities for Maltese businesses seeking to expand their footprint in South Asia. The collaboration aims to ensure a balanced, two-way relationship that benefits both nations equally.
Overcoming challenges and seizing opportunities
Historically, Malta has enjoyed a robust trade relationship with India, but Pakistan has only recently begun to make strides in this direction. Efforts are underway to enhance visibility and establish Pakistan as a reliable trade partner. While challenges such as logistical barriers and unfamiliarity with market dynamics exist, the potential rewards far outweigh these hurdles.
Direct imports from Pakistan would provide Maltese businesses with high-quality products at competitive prices, cutting out middlemen and reducing costs. Similarly, Maltese expertise in sectors such as tourism, infrastructure, and different services could play a transformative role in Pakistan’s economic development.
The bigger picture: Building bridges
The overarching goal of this initiative is to foster a bridge between the two nations. It is not a one-sided effort; instead, it is about building a mutually beneficial relationship that leverages the strengths of both countries. From trade to investment, every sector holds the promise of growth and collaboration.
This partnership also highlights the importance of economic diplomacy in a globalised world. By working together, Pakistan and Malta can not only boost their respective economies but also strengthen their positions on the global stage. For Malta, it is an opportunity to diversify its trade portfolio and attract foreign investment. For Pakistan, it is a chance to enhance its export image and access new markets.
The appointment of an Honorary Investment Counsellor marks a significant step forward in fostering economic ties between Pakistan and Malta. With initiatives like the Pietà centre and plans for direct trade and investment, the future looks promising for both nations. By focusing on shared growth, Pakistan and Malta can unlock a world of opportunities, proving that collaboration is the key to success in today’s interconnected world