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 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 the 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 identify more items where Pakistan has 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 of the important location of Indonesia as a hub for expanding trade to the wider area in Southeast Asia and suggested a leapfrogging strategy to explore the possibility of joining Regional Comprehensive Economic Partnership (RCEP) agreement which represents 15 countries and 30% of the world. “By joining RCEP, Pakistan would get easy access into the 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, 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 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.
Earlier, a colorful photo exhibition titled “A Night at Lahore Museum: Tracing the Confluence of Civilizations Between Indonesia and Pakistan” jointly organized by the Indonesian Embassy and Lahore Museum enthralled the audience with its spectacular display of ancient cultural connectivity through meticulously selected photographs.
The week-long exhibition provides a fresh perspective on the cross-regional interaction between the two biggest Muslim populated countries from past to present.
Addressing a large gathering of prominent guests from different walks of life, Ambassador Adam Tugio said that distinct cultural-historic heritage is a revered treasure for the two brotherly nations that has continuously been preserved during the course of history. He especially pointed out that Indonesia and Pakistan are heirs of one of the oldest civilizations in the world with a marked history of religious-cultural communication and this exhibition aims to highlight the cross-regional cultural influences through selected photographs and videos of artefacts, sculptures and inscriptions from both sides. “From cuisine to old healing practices, from religious traditions to cultural norms and from ancient history to modern civilization, there is a long list of striking similarities between the two brotherly nations”, he remarked.
