Indonesia to form joint ventures in Pakistan
Indonesia will launch joint ventures in collaboration with Pakistani investors to ensure trade balance between the two countries, said Indonesian Ambassador Adam M Tugio.
Speaking at a seminar titled “Sustainable Vegetable Oils: Opportunities for Increased Healthy Food and Two-way Trade” on Friday, the envoy said that both countries had inked Preferential Trade Agreement (PTA) for the promotion of trade in agricultural commodities at reduced tariffs.
The event was organised by the University of Agriculture, Faisalabad.
“Indonesia imports kinnow and mangoes from Pakistan in exchange for palm oil and the volume of imports is being enhanced to ensure balance between imports and exports,” he said.
The envoy revealed that the Indonesian government was helping Pakistan in the cultivation of palm seeds to curb its import bill substantially.
In this regard, he asked the University of Agriculture, Faisalabad to play a proactive role and develop new varieties of palm seeds that could absorb the local environment and provide economically better yields.
Tugio pointed out the similarities between the scenic valleys of Pakistan and Indonesia and said that his country had developed its tourism sector on modern, scientific lines and it was ready to share its experience and expertise with Pakistan.
He suggested that both countries should start immediate negotiations for a free trade agreement to enhance bilateral trade in the coming years.
Speaking on the occasion, Faisalabad Chamber of Commerce and Industry (FCCI) President Atif Munir Sheikh stated that edible oil was a major component of the food industry.
“Per capita consumption of edible oil in Pakistan stands at around 24 kilograms,” he said, lamenting that Pakistan produced only a small quantity of edible oil from its traditional crops like sunflower, canola and other oilseeds.
Published in The Express Tribune, November 27th, 2021.
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