Pakistan and Indonesia Explore New Avenues to Boost Bilateral Trade

Islamabad, October 24, 2023 (PAKONOMY):  In a bid to strengthen economic ties and facilitate growth in bilateral trade, Pakistan’s acting Ambassador to Indonesia, Faisal Fiaz has emphasized the importance of promoting private sector linkages between Pakistan and Indonesia. Fiaz’s remarks come on the heels of a promising scope for increased cooperation between the two nations, opening doors to Indonesian and ASEAN markets, thanks to Indonesia’s consistent economic growth.

In 2022, the bilateral trade between Pakistan and Indonesia reached approximately US$ 4.2 billion. Recognizing the untapped potential, Faisal Fiaz underscored the need for fostering business relationships between the private sectors of both countries. This, he believes, is the key to further enhancing this vital economic partnership.

Faisal Fiaz reminded the business community that Pakistan had inked a preferential trade agreement with Indonesia back in 2013. This agreement serves as a valuable tool for increasing trade and exports, and businesses should take full advantage of it.

A delegation from the Islamabad Chamber of Commerce and Industry (ICCI), led by Vice President Engr Azhar ul Islam Zafar, recently visited the Pakistani embassy in Jakarta. Faisal Fiaz commended the ICCI for participating in the 38th Trade Expo Indonesia Hybrid Edition 2023, emphasizing that regular exchange of trade delegations is the most effective way to bolster trade ties between the two nations.

Furthermore, Faisal Fiaz pledged the embassy’s full cooperation with the Pakistani business community in exploring new trade opportunities with Indonesia. This commitment demonstrates a commitment to bridging the gap between Pakistan and Indonesia’s private sectors and fostering mutually beneficial trade relationships.

Azhar ul Islam Zafar, while addressing the delegation’s purpose, highlighted the various products Pakistan could export to Indonesia,including pharmaceuticals, surgical & medical equipment, footballs, and leather products. Beyond these sectors, Pakistan and Indonesia have the potential for collaboration in fields such as tourism, information technology, pharmaceuticals, textiles, cooking oil, mines & minerals, leather, e-commerce, and many more.

Azhar ul Islam Zafar also stressed the importance of the Pakistan Embassy in Indonesia identifying the demand for Pakistani products within Indonesia and sharing this information with Pakistani chambers of commerce. Such initiatives can create a bridge for businesses to take advantage of these untapped opportunities.

During their visit, ICCI delegation members shared valuable ideas aimed at further improving bilateral trade and strengthening economic relations between Pakistan and Indonesia.

The potential for expanding trade relations between Pakistan and Indonesia is on the rise, with private sector linkages serving as a catalyst for growth. Both nations are keen to unlock the untapped opportunities and further deepen their economic partnership for mutual prosperity.

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