Envoy calls for tapping $2.9tr ASEAN economy
The Indonesian envoy said that Pakistan could take advantage of the $3 trillion trade market of Asean, for which a comprehensive plan was needed. photo: file
Indonesia is a gateway to the $2.9 trillion economy of Asean region and Pakistan should tap it for trade and exports by developing close cooperation with Jakarta, said Indonesian Ambassador to Pakistan Adam M Tugio. Speaking at the PakistanIndonesia Joint Business Forum, organised by the Islamabad Chamber of Commerce and Industry (ICCI), the envoy said that China was enjoying bilateral trade of around $600 billion with the Association of Southeast Asian Nations (Asean), but Pakistan Asean bilateral trade stood negligible at less than 1%, which should be increased to achieve better results.
He stressed the need for promoting cooperation among women entrepreneurs of Pakistan, Indonesia and Asean bloc that would give a boost to trade among those countries. “Indonesian embassy plans to organise a dialogue on economy involving B2B and G2G meetings besides holding an exhibition of products of both countries to highlight their potential,” said Tugio.
The two sides identified real estate, construction, mines and minerals, textile, information technology, ecommerce, infrastructure development, tourism, women entrepreneurship, youth development and spices as potential areas of mutual cooperation. Big names in the real estate sector including J7 Group, Fair Deal, Star Marketing, Elaan Marketing and 5G Group gave presentations on their projects to highlight the opportunities of joint ventures and investment for Indonesian investors.
Speaking on the occasion, ICCI President Muhammad Shakeel Munir pointed out that the combined population of Pakistan and Indonesia provided a huge market of around 500 million people, but their bilateral trade of around $4 billion didn’t reflect the actual potential. He underscored the need for diversification of trade and asked the two countries to finalise a free trade agreement to reduce trade barriers and boost commerce. Munir called for regular exchange of trade delegations to explore all untapped areas of cooperation between the two countries.