ICCI Eyes Great Potential For Promoting Pak-Indonesia Bilateral Trade

Pakistan and Indonesia were huge markets with a combined population of over 493 million and they have great potential to cooperate with each other in many fields for enhancing bilateral trade

ISLAMABAD, (UrduPoint / Pakistan Point News - 28th Oct, 2021 ) :Pakistan and Indonesia were huge markets with a combined population of over 493 million and they have great potential to cooperate with each other in many fields for enhancing bilateral trade.

This was said by Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry while addressing a reception hosted by Adam M. Tugio, Ambassador of the Republic of Indonesia for business community to commemorate the 76th Anniversary of the Independence of Indonesia.

Shakeel Munir said that the bilateral trade between Pakistan and Indonesia in 2020 was around $2.5 billion, which was not up to the desired level given the capabilities and market size of both countries.

He emphasized that private sectors of both countries should be facilitated to improve two-way trade volume.

He said that Pakistan mostly imported palm oil, certain commodities, mineral fuels and oils, vehicles, paper & rubber products from Indonesia and exported agriculture products including food items such as rice, textile products, raw hides & skins, fish, paper, iron etc. to Indonesia, which showed that both countries were doing trade in limited items. He urged both the countries to do trade in more items for improving trade volume.

He said that Pakistan could export many products to Indonesia including pharmaceuticals, marble & granite, surgical instruments, sports goods, IT products, engineering goods, fruits and vegetables and desired that Indonesia to consider importing these products from Pakistan that would be more cost effective for its consumers.

ICCI President said that Pakistan and Indonesia had signed a Preferential Trade Agreement, but there was a general lack of awareness about it in the private sectors of both countries.

He said that connectivity was another problem for trade promotion and stressed that both governments to take measures to address these issues.

He further said that Pakistan and Indonesia encourage frequent exchange of trade delegations to explore new areas of mutual cooperation.

He emphasized that both countries to facilitate participation of private sectors in each other's trade fairs and exhibitions to introduce their products and enhance business cooperation.

Muhammad Shakeel Munir appreciated the initiative of Adam M. Tugio for organizing Reception in honor of Pakistani business community and friends congratulated the Embassy and the people of Indonesia for celebrating 76th Anniversary of their Independence this year.