KARACHI - The Karachi Chamber of Commerce and Industry (KCCI) would ink a memorandum of understanding with the Jakarta Chamber of Commerce and Industry.

An announcement to this effect was made by an official of the KCCI here on Saturday. He said that the President of KCCI A. Abdullah Zaki, along with chairman of Special Committee for Liaison with International Chambers and MoUs Implementation, Junaid Esmail Makda, have left here for Indonesia to sign the MoU with Jakarta Chamber of Commerce and Industry for mutual cooperation to enhance bilateral trade and extend facilitation to members of the respective chambers.

Prior to his departure for Indonesia, President Karachi Chamber of Commerce and Industry (KCCI) said that signing of this MoU with Jakarta Chamber of Commerce and Industry is undoubtedly a significant achievement. Abdullah pointed out that it is an outcome of series of meetings held from time to time between KCCI and Consulate General of Republic of Indonesia in Karachi.

Consul General of Indonesia Rossalis Rusman Adenan has undoubtedly played a pivotal role in turning this MoU into reality, he added.

KCCI chief said that during his visit to Indonesia, he will urge Indonesian investors and businesspersons to invest in Pakistan, particularly in Karachi which offers excellent investment opportunities in various sectors of economy including textiles, energy, agriculture, engineering, pharmaceutical and healthcare etc. “Furthermore, during our visit to Jakarta Chamber of Commerce, we will also be discussing the possibility of establishing Karachi-Jakarta Chamber of Commerce and Industry which will provide a perfect platform for enhanced interaction between the two chambers,” Abdullah commented.

He said that although trade volume between the two countries is showing an improvement however it was still far below the existing potential that can only be tapped through enhanced interaction between the business communities of the two countries.

Abdullah said that Pakistan and Indonesia enjoy strong bilateral relations as trade volume rose  to $1.6 billion in the year 2012 and continues to display  a rising trend. He informed that serious efforts were being made by the Karachi Chamber to enhance volume of two-way trade between both the countries.

He mentioned that bilateral trade relations between Pakistan and Indonesia are expanding rapidly as both governments have put significant efforts in implementing PTA and are looking forward to turn this PTA into FTA in near future.

During 2012-13, the progress so far indicates that Pakistan exported $211.16 million worth goods to Indonesia whereas Pakistan’s import from Indonesia stood at $700.31 million, indicating a trade deficit of $489.15 million.

To further improve trade ties, President KCCI suggested exchange of trade delegations, individual visits of businessmen, undertaking joint ventures, better travelling facilities and holding single country exhibitions in each country.