Pakistan-Indonesia trade soars to $3.34b

CG sees immense potential for collaboration, further development of ties.

KARACHI:

Acting Consul General of Indonesia in Karachi Teguh Wiweko has said that despite global challenges, bilateral trade between Indonesia and Pakistan reached an impressive $3.34 billion in 2023 and recorded a remarkable growth of 69.99% in the first quarter of 2024.

Responding to remarks made by Hyderabad Chamber of Small Traders and Small Industry President Muhammad Farooq Shaikhani, the envoy announced that the 39th Trade Expo Indonesia would be held from October 9 to 12, 2024 under the theme of "Build Strong Connection with the Best of Indonesia."

Highlighting the longstanding history of mutual cooperation and development between Indonesia and Pakistan, he stressed that the strength of economic partnership was evident from the consistent growth of trade relations over the years.

Indonesian products including coffee, biscuits, noodles and children's food items are gaining significant popularity in Pakistan. Furthermore, Indonesia's crude palm oil holds a dominant 80% share in the Pakistani market.

Wiweko noted a significant recent development where Indonesia's imports increased from Pakistan, particularly of rice. Pakistan's rice exports to Indonesia have emerged as a success story, further strengthening economic ties between the two nations.

In 2023, Indonesia imported approximately 500,000 metric tonnes of rice from Pakistan with the total value exceeding $300 million. This remarkable achievement represents a significant increase in Pakistan's rice exports to Indonesia compared to $188 million in 2022.

"These impressive figures underscore the immense potential for further development and collaboration between our two nations," the consul general said.

He shared that last year's trade expo attracted over 33,000 visitors from 114 countries, resulting in business deals worth $25.3 billion. This year, the goal is to expand even further by capitalising on the strong foundation already established.

Hyderabad Chamber of Small Traders and Small Industry President Muhammad Farooq Shaikhani praised the recent simplification of visa policy by the Indonesian government, noting that it had facilitated the travel of business community to Indonesia and opened up new business opportunities.

He asked for the visa facilitation to be extended beyond the 39th Trade Expo and be maintained throughout the year to ensure continued ease of access for business activities.

He said the business community of Hyderabad plays a vital role in Pakistan's economy. It is a city where small entrepreneurs and industrialists have flourished while making a vital contribution to both the local and national economy.

Globally renowned for its glass bangle and textile industries, Hyderabad's business sector holds great potential.