Lahore, 18 June 2023 (TDI): The diversification of products and robust market research to identify new business sectors would be the key for the Pakistani business community to gain maximum benefits from the bilateral trade relationship between Indonesia and Pakistan.
This was stated by the Ambassador of Indonesia, Adam M. Tugio, while interacting with top CEOs at a “Dialogue on Indonesia-Pakistan Trade Relationship” organized by CEO Club Pakistan in Lahore.
Answering various queries of leading business companies’ chairpersons during an engaging session, Ambassador Tugio highlighted many opportunities to further enhance bilateral trade beyond raw materials and agricultural products.
“Textiles, leathers and pharmaceutical industries are the areas where a business community of the two countries have the potential to team up in JV and produce items for third-country markets”, the envoy said.
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Responding to the prospects of FTA, the Indonesian envoy suggested the business community identify more items where Pakistan has a comparative advantage and consult with relevant authorities to include them in the Trade in Goods Agreement (TIGA) as part of the review process to expand the PTA.
He reminded the audience on the important location of Indonesia as hub for expanding trade to the wider area in Southeast Asia and suggested leapfrogging strategy to explore the possibility of joining the Regional Comprehensive Economic Partnership (RCEP) agreement which represents 15 countries and 30% of population of the world.
“By joining RCEP, Pakistan would get easy access into a huge market of ASEAN and additional 5 partner countries with vast trade potential”, added the envoy.
Discussing mutual collaboration in the IT sector, Ambassador Tugio said animation, the health sector, business outsourcing new apps and other innovative ideas present lucrative prospects and are attractive areas of cooperation.
He informed that the Indonesian Embassy is working hard to promote educational linkages with universities in Pakistan and to strengthen scientific and technical cooperation with COMSTECH, which would also be beneficial for pharmaceutical, herbal and halal industries.
Earlier, the Ambassador of Indonesia was warmly received by Nazeya Qhan, Head of Corporate Communications and esteemed member of the CEO Club Pakistan. The Ambassador expressed his admiration for Pakistan’s thriving business community and its significant contributions to the country’s economic growth.
The CEO Club Pakistan members reciprocated the Ambassador’s sentiments and expressed their eagerness to forge stronger economic ties with Indonesian counterparts. They acknowledged Indonesia’s vibrant economy, its rich cultural heritage, and the potential for mutually beneficial partnerships in trade across various sector industries.
