Faisalabad, 3 December 2021 (TDI): Indonesia is interested to launch joint business ventures with the local investors of Pakistan. The Indonesian Ambassador to Pakistan, Adam M Tugio, whilst addressing an international seminar highlighted that doing so will ensure a trade balance between the two countries.
The seminar was jointly hosted by the Agriculture University of Faisalabad and the Indonesian Embassy of Pakistan.
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.#RintisKemajuan@Kemlu_RI @IndonesiainIsb pic.twitter.com/ZLJucqR3j7— Indonesia in Islamabad (@IndonesiainIsb) November 30, 2021
Pakistan and Indonesia have signed a Preferential Treatment Agreement (PTA) to enhance bilateral trade in the agriculture sector. Indonesia imports mangoes and kinnows from Pakistan in lieu of palm oil. Furthermore, the Indonesian government is helping Pakistan in the cultivation of palm.
Ambassador Adam Tugio enunciated that Indonesia has revolutionized its tourism sector by employing modern scientific techniques and is willing to help Pakistan do so. Both countries must also negotiate for a Free Trade Agreement (FTA) to boost bilateral trade.
Bilateral Ties between Indonesia and Pakistan
Indonesia and Pakistan have friendly ties with deep-rooted historic contours. The bilateral diplomatic relations between the two were established in 1950 and it stems from mutual respect and support at the regional as well as global level. The two partners celebrated the 70th anniversary of the establishment of diplomatic relations, last year.
Also, it is one of the top trading partners of Pakistan. In 2018 it became the 8th largest trading partner of Pakistan whereas the trade volume in 2020, reached $ 2.6 billion. Aside from trade, the two countries cooperate in multiple other fields as well. They include political, defense and education sectors.
Moreover, the two partners have increasingly collaborated with each other during the Covid-19 pandemic, despite the constraints. In addition, the two frequently cooperate to increase cultural understanding as well as people-to-people ties.
