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Jakarta, Amidst an atmosphere of growing bilateral trade relations, the 38th “Trade Expo Indonesia” in Jakarta became the centerpiece for discussions between Indonesian and Pakistani trade representatives. Inaugurated by Indonesia’s Coordinating Ministry of Economic Affairs, Airlangga Hartarto, the expo saw the participation of the Consul General of the Republic of Indonesia, H.E Dr. June Kuncoro Hadiningrat, and a delegation of 20 esteemed business leaders from Karachi, Pakistan.
According to a news release by Pakistan Indonesia Business Council (PIBC), A cornerstone of the event was a significant discussion involving the Indonesian Consul General, Abid Nisar, Chairman of the Pakistan Indonesia Business Council (PIBC), and the Vice Minister of Trade of the Republic of Indonesia, H.E. Dr. Jerry Sambuaga. During this dialogue, Consul General Hadiningrat briefed the Vice Minister about the flourishing trade ties between both nations, indicating that Indonesia has enjoyed trade surpluses in this partnership.
Indonesia-Pakistan trade recorded a value of $4.5 billion in 2022, and the first half of 2023 has already seen a trade value of $2.2 billion. Such statistics underline a consistent growth in trade relations. One of the trade hallmarks is Pakistan’s significant import of Indonesian palm oil, which dominates nearly 90 percent of its market share. Apart from palm oil, the Pakistani market is also enriched by Indonesian imports like coal, textiles, and consumer goods. Meanwhile, Indonesia is gearing up to import over 240,000 MT. of rice from Pakistan.
Within the purview of these discussions, the Consul General also brought the upcoming Pakistan Edible Oil Conference, slated for 13-14 January 2024 in Karachi, to the Vice Minister’s attention. The latter expressed a keen interest in the conference and highlighted Indonesia’s commitment to sustainable palm oil production. Emphasizing its global stand as a beacon for eco-friendly and economic palm oil production, the Vice Minister lauded the collaborative endeavours of both countries in bolstering trade relations. He further envisaged the untapped potential of trade prospects that await exploration.
Abid Nisar, Chairman of the PIBC, applauded the Vice Minister for hosting the Trade Expo Indonesia. He emphasized its importance as a pivotal juncture for Pakistani businessmen to identify potential suppliers in a gamut of products, ranging from palm oil to agricultural offerings and flavors. The expo, housed in seven expansive halls, saw business deals being inked on the very first day.
Following the expo’s inauguration, the Pakistani business delegation proceeded to the Pakistani embassy in Jakarta. There, discussions centered on challenges impeding the growth of Pakistani exports to Indonesia. All in all, the recent Trade Expo Indonesia stands testimony to the mutual desire for a stronger, beneficial trade relationship between Indonesia and Pakistan.
The post Trade Expo Indonesia Amplifies Indonesia-Pakistan Economic Ties appeared first on Pakistan Business News.