Indonesian envoy stresses on product diversification to maximize bilateral trade benefits

Lahore: 16 June 2023 – 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 bilateral trade relationship between Indonesia and Pakistan. This was stated by Ambassador of Indonesia Mr. Adam M. Tugio while interacting with top CEOs at a “Dialogue on Indonesia-Pakistan Trade Relationship” organised by CEO Club Pakistan in Lahore.

Answering to 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 business community of the two countries have the potential to team up in JV and produce items for third country markets”, the envoy said.

Responding to the prospects of FTA, the Indonesian envoy suggested the business community to identify more items where Pakistan has comparative advantage and consult with relevant authorities to include them in 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 possibility of joining Regional Comprehensive Economic Partnership (RCEP) agreement which represents 15 countries and 30% population of the world. “By joining RCEP, Pakistan would get easy access into huge market of ASEAN and additional 5 partner countries with vast trade potential”, added the envoy.

Discussing about mutual collaboration in IT sector, Ambassador Tugio said animation, health sector, business outsourcing new apps and other innovative ideas present lucrative prospects and are attractive areas of cooperation. He informed that 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 Ms. Nazeya Qhan Head Corporate Communications and esteemed members 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.