Islamabad: Indonesian Ambassador Adam Mulawarman Tugio said ASEAN is a huge market for Pakistan and stressed that its business community should focus on promoting trade and exports with it to achieve lucrative results for the economy, according to a press release.
He said China had about $ 600 billion in bilateral trade with ASEAN, but Pakistan’s bilateral trade with it was only $ 6 billion, which was not encouraging. He said Pakistan’s close cooperation with Indonesia would provide him with easy access to the huge untapped market of ASEAN countries. He said Pakistan and Indonesia have many similarities, which should be exploited for mutual economic benefits. He said Pakistan and Indonesia should promote bilateral trade cooperation in areas where they have a comparative advantage. He pointed out that IT, e-commerce and tourism were promising areas for bilateral cooperation between the two countries. He expressed these views while interacting with the business community during his visit to the Islamabad Chamber of Commerce and Industry (ICCI).
Fatma Azim, Senior Vice President of ICCI, Omais Khattak, Muhammad Shakir, Ashraf Farzand, Abbas Hashmi, Shaukat Hayat, Khalid Chaudhry and others were also present.
The Indonesian envoy said Pakistani universities should develop study materials on the economic potential of the ASEAN region to educate their students and the business community, which would also be helpful in improving bilateral trade. He stressed the need to promote JVs between the private sectors of the two countries in addition to encouraging student exchanges and organizing trade fairs on a reciprocal basis. He added that Pakistan and Indonesia should work to promote local technologies and industries. He said Indonesia was holding a virtual exhibition due to the Covid-19 pandemic and the business community should join in developing business ties with their Indonesian counterparts.
Speaking on the occasion, Sardar Yasir Ilyas Khan, president of the Islamabad Chamber of Commerce and Industry (ICCI), said that Indonesia and Pakistan, with a combined population of almost half a – billion people, were huge markets with immense potential for bilateral trade, investment and economic cooperation. , which still has not been used. He said the trade volume between Indonesia and Pakistan was just over $ 2.5 billion, which did not reflect their real potential. Therefore, the two countries should strive to explore all untapped areas to further improve the existing trade volume.