Pakistan and Indonesia were huge markets with a combined population of over 493 million and they have great potential to cooperate with each other in many fields for enhancing bilateral trade. This was said by Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce & Industry while addressing a Reception hosted by H.E. Mr. Adam M. Tugio, Ambassador of the Republic of Indonesia for business community to commemorate the 76th Anniversary of the Independence of Indonesia. Jamshaid Akhtar Sheikh Senior Vice President, Muhammad Faheem Khan Vice President ICCI, Atif Ikram Sheikh, Zafar Bakhtawari, Karim Aziz Malik, Faad Waheed, foreign diplomats and others were present at the occasion.
Muhammad Shakeel Munir said that the bilateral trade between Pakistan and Indonesia in 2020 was around USD 2.5 billion, which was not up to the desired level given the capabilities and market size of both countries. He emphasized that private sectors of both countries should be facilitated to improve two-way trade volume. He said that Pakistan mostly imported palm oil, certain commodities, mineral fuels & oils, vehicles, paper & rubber products from Indonesia and exported agriculture products including food items such as rice, textile products, raw hides & skins, fish, paper, iron etc. to Indonesia, which showed that both countries were doing trade in limited items.
ICCI President said that Pakistan and Indonesia had signed a Preferential Trade Agreement, but there was a general lack of awareness about it in the private sectors of both countries. He said that connectivity was another problem for trade promotion and stressed that both governments should take measures to address these issues.
Muhammad Shakeel Munir appreciated the initiative of H.E. Mr. Adam M. Tugio for organizing Reception in honor of Pakistani business community and friends congratulated the Embassy and the people of Indonesia for celebrating 76th Anniversary of their Independence this year.