On Monday, July 31, Punjab Board of Investment and Trade (PBIT) held a meeting with a delegation from Indonesia to discuss Pakistan’s potential for investment.
The delegation was comprised of three members, including Iwan Suyudhie Amri, the Indonesian ambassador. During the meeting, the PBIT CEO, Jahanzeb Burana, showed various documentaries that hinted at several ways to explore investment opportunities in Punjab.
Burana also suggested that the two countries should team up to work in joint ventures to escalate economic progress and readily meet sustainable development goals. According to the CEO, economic conditions of both the countries make it viable to have some sort of economic cooperation. He opined that both the countries might collaborate in the fields relating to value-added products and textile.
He further added that Indonesia must look into Punjab-backed Special Economic Zones, as Punjab’s IT sector also holds wide opportunities for some type of partnership and investment.
Indonesian ambassador showed commended the way in which the presentation was presented by the CEO of the PBIT. He said that he would display these documentaries in his homeland as well. Sharing his point of view at the occasion, the ambassador said that the country can possible enter Pakistan’s rice industry. Since Indonesia is a rice-consuming country, the ambassador’s opinion seems to be all the more wise. The Pakistani rice market holds high potential for international and domestic investors because it’s famous for producing rice of the best quality in a large quantity.
The ambassador further supplements Punjab government’s attempt to establish even more beneficial and concrete ties between the two countries. He endorsed provincial government’s views of establishing an investment-friendly environment in the country. He showed his utmost pleasure and happiness in establishing congenial working relations with Pakistan.
The takeaway from the meeting was that before the Indonesian president’s visit, technical teams, including experts and technocrats, from both the countries must visit the other country to have know-how about the working environment. After the visits, the two countries can work in an even better way to strengthen the economic ties.
Economic Ties with Indonesia
The two-way trade between Pakistan and Indonesia has increased by almost 15 percent during the financial year 2015-16. Back in 2005, the countries entered into a Preferential Trade Agreement as well.
In the meeting held on Monday, the Indonesian ambassador also showed interest in collaborating with the government to strengthen country’s tourist and historical places and revive the tourism industry.
Amid dwindling exports of Pakistan that has now become a matter of great concern for policymakers, these new developments are being viewed as a golden opportunity for the country to cash from.
Pakistan can also collaborate with other South Asian countries, including Malaysia and Thailand, to boost its economy. At present, Pakistan is exporting food items and other products like sport goods, etc., to Indonesia. If the import of these goods into other South Asian countries can be managed, the country will have a substantial increase in its exports, leading to a stabilized balance of trade.
Like Indonesia, Malaysia is also a rice-consuming country. Therefore, the country can make the most of its produce and export its best-quality rice to this country as well.