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Indonesian Trade Mission attracts $18.9m Pakistani investment in four years

Indonesian Trade Mission attracts $18.9m Pakistani investment in four years

ISLAMABAD: Indonesian Trade Mission in Pakistan has attracted $18.9 million Pakistani investment in different sectors in Indonesia during the last four years (2013-17). Indonesian Trade Mission wants to enhance commercial relations between the two countries and explore opportunities.

The trade mission is also willing to collaborate with Pakistani businessmen to get the better of not only Indonesian and Pakistani markets, but also the markets of third countries in the respective regions and beyond.

“Therefore, Indonesian delegation includes businesses and associations from palm oil, bio fuels, processed food, electronics, agriculture products, real estate, and information technology,” said an Indonesian diplomat on anonymity condition while talking to Customs Today here on the sideline of Pakistan Indonesia Business Forum.

The diplomat said that Indonesia would keep facilitating and promoting a two-way businesses, by inviting Pakistani businessmen to attend “Indonesia’s Trade Expo.”

“In the past five  years, Pakistan businesses participated actively in our trade expo. Next year, Indonesia plan to expand the Indonesian Trade Expo and turn it into Southeast Asian Trade Expo to include business from Southeast Asian countries” the diplomat added.

He said that a number of partnership agendas of the delegation included the joint venture between Apical with Mujahid Group and MM Group on refinery, crushing, tank terminal and commercial sales in ex-tanks business, the development of Indonesia-Pakistan Friendship Center between Wijaya Karya Group, Grand Cokro and Zamin Group, the establishment of Original Equipment Manufacturer between SAS Solo and Grand Engineering Lahore; and the cooperation between PERTAMINA Indonesia and Punjab Energy Holding Company Limited in energy exploration.

Diplomat said that Pakistan was one of the important trading partners for Indonesia, especially for palm oil, and Indonesia is Pakistan’s third largest importer country. In 2016, the total trade value of both countries was recorded at $2.17 billion and in the period January to November 2017, reaching $2.38 billion.

“To promote Indonesia, Pakistan two-way trade, the Director General of National Export Development and the Secretary of Trade Development Authority of Pakistan signed a Memorandum of Understanding on Trade Promotion” he added.

It is pertinent to note here that Indonesia and Pakistan has been signed the Framework Agreement on Comprehensive Economic Partnership in 2005. This agreement served as a basis for our two countries to establish the Trade Negotiating Committee for Indonesia —Pakistan Preferential Trade Agreement, or IP-PTA.

Now Indonesia is mindful of the concerns that the PTA is somehow asymmetric in delivering its benefits. This is the reason for two governments to get back to the table in 2016 to find ways to address the implementation issues of the PTA, and to discuss possible ways to deepen if not expand the commitments therein.