Jakarta invites traders to forge joint ventures
Indonesian Ambassador Chandra W Sukotjo has said that Indonesia offers wide investment opportunities and their benefits can be reaped by Pakistani entrepreneurs through forming joint ventures and partnerships.
The ambassador, who visited the Lahore Chamber of Commerce and Industry (LCCI) along with his economic team on Monday, underlined that there exists vast potential for collaboration in mining, energy, agriculture, pharmaceuticals, processed food, renewable energy and healthcare.
"My mission is to further deepen trade and economic cooperation between the two countries," he said, adding that Pakistan has the best strategic geographical importance.
The envoy remarked that Pakistan and Indonesia were not just trading partners but also shared strong historical, cultural and religious ties. He said that business-to-business linkages and direct facilitation for entrepreneurs would play a vital role in advancing mutual economic goals.
Speaking on the occasion, LCCI President Mian Abuzar Shad pointed out that Indonesia and Pakistan were the two largest Muslim nations in terms of population and were also important members of the Organisation of Islamic Cooperation (OIC).
He noted that Indonesia was the largest economy in the Association of Southeast Asian Nations (Asean), with a GDP of over $1.4 trillion, and plays a pivotal role in global trade.
While appreciating the existing trade framework, the LCCI president expressed concern over the negative trade balance with Indonesia. During fiscal year 2024-25, Pakistan's imports from Indonesia stood at around $2.9 billion, while exports were only $271 million. He stressed the need to explore new trade avenues, reduce the trade deficit and increase the bilateral trade volume to at least $5 billion. He also called for making a better use of the Preferential Trade Agreement and exploring the possibility of a Free Trade Agreement.
LCCI Senior Vice President Engineer Khalid Usman said that Pakistan's imports from Indonesia primarily consisted of palm oil, coal, artificial staple fibres and paper, while exports mainly included rice, tobacco, woven cotton fabrics, citrus fruits, leather, frozen fish and corn.
"Pakistan has great potential to enhance exports of value-added textile, pharmaceuticals, processed food, light engineering goods, surgical instruments and sports goods to Indonesia," he said.
He suggested that commercial sections of the diplomatic missions of both countries should play a proactive role in exploring the potential areas of collaboration. He underlined that "it is the right time to strengthen business-to-business linkages through trade fairs, exhibitions and the exchange of business delegations."
Engineer Khalid Usman proposed enhanced collaboration through joint ventures in defence, education, agriculture and tourism, which could further cement bilateral relations.