Indonesia to help tap ASEAN market
Pakistan is a big consumer of Indonesian palm oil and is importing $2.8 billion worth of palm oil annually. PHOTO: Reuters
Indonesian Ambassador Adam Mulawarman Tugio has said that Indonesia can play a significant role in providing economic and trade opportunities for Pakistan and help connect it with the huge market of Association of Southeast Asian
Nations (Asean).
“There is a need for trade expansion with Pakistan beyond traditional products and focus on other sectors, and simultaneously for Islamabad to expand its presence in the Asean market,” the envoy said during a meeting at the Lahore Chamber of Commerce and Industry (LCCI).
Tugio emphasised that regional trade connectivity was vital for the global economy and the conclusion of a free trade agreement (FTA) would provide benefits as well as improve
economic growth.
He underscored the need for exploring the potential of Islamic economy since one-quarter of the world population was Muslim. “Action must be taken to capitalise on the benefits of D-8 cooperation among eight Muslim countries which include Indonesia, Pakistan, Bangladesh, Egypt, Iran, Malaysia, Nigeria
and Turkey.”
The envoy emphasised that there were significant opportunities to strengthen bilateral trade between Indonesia and Pakistan. Along with the import of palm oil, “we should also improve our mutual trade cooperation in textile, pharmaceutical goods, herbal medicine, spices and other important areas”.
Speaking about Indonesia’s ban on the export of palm oil, Tugio stated that Jakarta temporarily imposed restrictions due to price spike and shortage of palm oil in the domestic market, which made it extremely difficult for the locals to purchase cooking oil.
“The restriction has now been lifted and palm oil export has resumed to the entire world, including the immediate supply of 10 containers of edible oil
to Pakistan.”
The ambassador announced that the first “Indonesia Corner” would be established at the University of Peshawar and another such corner may be set up in Lahore to strengthen cultural ties and collaboration in the education sector.
He stated that the Indonesian Embassy, in partnership with the National Institute of Folk and Traditional Heritage (Lok Virsa), would host a cultural exhibition titled “A Night at Museum” to showcase the confluence of civilisation between Indonesia and Pakistan. He declared that every effort would be made to assist the business community in fostering closer trade and economic ties.
In his remarks, LCCI President Mian Nauman Kabir urged the two Islamic nations to further develop their trade and commercial ties, particularly in the fields of pharmaceutical products and surgical equipment.
He stressed the need for cooperative ventures between Pakistan and Indonesia to develop bilateral trade.
Kabir suggested that Pakistan-Indonesia trade and economic relations could be further strengthened through the exchange of business delegations, organising joint trade exhibitions and taking equal benefit of each other’s experiences.
Published in The Express Tribune, July 9th, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.