LAHORE : Minister for Industries and Trade Mian Aslam Iqbal has said Pakistan and Indonesia share deep potential, cultural, religious ties and respect for democratic values. Being the largest countries in the Islamic world, the two countries stand together for their progress and prosperity, the minister said.
Speaking at the opening of the 1st Indonesia – Pakistan B to B hybrid road show 202, he said that Indonesia-Pakistan preferential trade agreement has been beneficial for private businesses of both countries and instrumental in focusing on growth in Pakistan.
He also launched Indonesia – Pakistan B to B online portal to facilitate increase trade between both the countries by providing a platform for business communities of the two countries to get more information which may have to increase commercial transactions potential various fields such as health, pharma, food, agriculture, textile and furniture. The Punjab Information and Technology Board and Embassy of the Republic of Indonesia in Islamabad jointly organised 1st Indonesia – Pakistan B to B hybrid road show 2021.
Aslam Iqbal said that the level of trade and investment between the two countries has not kept pace with global trends. There is considerable untapped potential to expand trade taking advantage of the PTA. He said the recent understanding between PBIT and Indonesian Embassy in Pakistan to form a joint working group to facilitate bilateral trade and investments clearly indicates our resolve to strengthen the economic ties between the two countries, he said.
The minister said as a result of bold economic reforms of the government, ‘we have achieved significant improvement in all major economic indicators; Pakistan’s economic growth has increased despite the challenges of COVID-19’.
He said Punjab has taken regional lead in special economic zone development and colonization.
I invite the business communities of both countries to make use of the attractive incentives package available in our special economic zones and export processing zones and set up their manufacturing units, the minister said.
Speaking on the occasion, Ambassador of Indonesia Adam M Tugio congratulated the Punjab government and Punjab Board of Investment & Trade for holding a successful event. He said the embassy will convene a series of events to promote tourism and investment.
This series of activities will be complementary to cultural diplomacy i.e. being conducted by the embassy in collaboration with ECommerce Gateway Pakistan, he said and hoped that such activities would enhance people-to-people contacts and increase trade volume which amounted to $2.5 billion last year. PBIT CEO Dr Erfa Iqbal briefed on various sectors and availability of numerous potential opportunities for investors in Punjab. She pointed out that special economic zones were being set up in all the provinces and regions of Pakistan.