He said, during 2001, the size of mutual trade between the two countries was around $450 million, which now has increased to $680 million.
However, the favour in the balance of payment is largely tilted toward Malaysia, he said adding Pakistan's exports to Malaysia are around $80 million.
He said efforts are on to create a balance in the mutual trade between the two countries and a number of proposals are being considered in this connection.
Masood said that former Malaysian Prime Minister Mahatir Mohammad, in his meetings with President General Pervez Musharraf on certain occasions, had stated that it is the priority of his government to enhance the volume of trade with Pakistan.
He also expressed the desire to create a favourable balance of trade between the two countries, he added.
Malaysia's interest for investment in Pakistan is growing particularly in the sectors of textile, housing infrastructure, palm oil industry, dairy productions, agriculture etc, he said.
In the sectors of oil and gas, and Information technology Malaysians are already working in Pakistan, he added.
He said both the countries were making efforts to relocate the Malaysian labour intensive industry in Pakistan.
He said Pakistan can benefit Malaysian experience in the area of efficient management to put the country on rapid economic growth for which there exists all the required potential.
Masood said, during the 60s economically Pakistan was ahead of Malaysia but now it is much behind it.
This speaks the amount of efficiency on part of Malaysian leadership in ensuring the political stability and continuity of the economic policies, he added.
He said Pakistan has once again chosen the right path leading towards progress and prosperity and Malaysian experience can be shared to make the journey fast.
He said both Pakistan and Malaysia can play vital role at a time when the Muslim world is passing through a very crucial period.
There is a dire need of a collective approach by the Muslim countries, he said, adding that President Musharraf has initiated a process in this direction by extending the vision of 'Enlightened Moderation'.
He said the 10th summit of the OIC has endorsed this vision and it is the ripe time now for its implementation.
A recently held meeting of the 'Commission of Eminent Persons' of the OIC members has discussed the ways and means to utilise the resources of Muslim countries for their collective benefits and to restructure the OIC itself so that it could play active role in representing the desires and aspirations of the Muslims world across, he said.
To a question, he said, Malaysia had signed a memorandum of understanding (MoU) with Pakistan in 2003 to import trained, semi-trained and unskilled manpower from Pakistan, adding which had been enforced in 2004 but it has not been implemented yet.