LAHORE   -  Chargé d’Affaires of Indonesia Rahmat Hindiarta Kusuma has emphasised the importance of collaboration to elevate the trade between Indonesia and Paki­stan to its full potential. He was speak­ing at the Lahore Chamber of Commerce and Industry. LCCI President Kashif An­war welcomed the diplomat and shed light on the trade and economic ties be­tween the two countries in his address of welcome. LCCI Executive Committee members Raja Hassan Akhter and Mian Attiq ur Rehman were also present.

LCCI President Kashif Anwar ex­pressed LCCI’s eagerness to learn from Indonesian technology and advance­ments. He agreed with the diplomat on the significance of economic stability and the low cost of doing business. He urged LCCI members to participate in the 39th Trade Expo-Indonesia, sched­uled from October 9 to 12, 2024.

Rahmat Hindiarta Kusuma said that Indonesia is the largest economy in Southeast Asia, with stable economic growth. “Indonesia, with a GDP ex­ceeding $1 trillion, is the world’s 16th largest economy and is projected to be the 7th largest by 2030,” he stated. He highlighted that Indonesia’s economic growth has remained stable at around 5% annually over the last two decades.

Indonesian diplomat stressed the need for stronger liaison between the business communities of both coun­tries, highlighting mutual benefits from each other’s potential and experience. He emphasized the promotion of coop­eration in multiple sectors, including tourism, education, health, and IT. LCCI President Kashif Anwar highlighted the remarkable increase in Pakistan’s ex­ports to Indonesia, which surged from $127 million in 2022-23 to $534 mil­lion in 2023-24. This increase elevated the bilateral trade figures from $2.77 billion to $2.95 billion and reduced Pakistan’s trade deficit with Indonesia from $2.5 billion to $1.9 billion.

He said that Pakistan’s imports from Indonesia primarily comprise palm oil, coal, and synthetic fibers for textiles, while major exports to Indonesia in­clude rice, ethyl alcohol, woven fabrics, frozen fish, citrus fruits, leather prod­ucts, and cotton yarn. He emphasized the potential for Pakistan to further enhance its exports to Indonesia, given Indonesia’s global imports exceeding $220 billion. The LCCI president iden­tified various products such as wheat, pharmaceutical products, parts for tractors/motorcycles, sugar, copper, dairy products, meat, processed food, and surgical instruments as potential exports. He suggested utilizing exist­ing trade agreements to reduce tariffs and non-tariff barriers, making it easier and more cost-effective for businesses to trade. He also highlighted the im­portance of promoting e-commerce and digital trade platforms to facilitate cross-border business growth.

Regarding the tourism sector, Kashif Anwar said that Pakistan’s breathtak­ing landscapes, rich cultural heritage, and centuries-old civilizations, stress­ing the untapped potential of tourism between Pakistan and Indonesia. He advocated for increasing the frequency of direct flights, organizing trade del­egations, and holding single-country exhibitions on a reciprocal basis to enhance mutual trade relations. The LCCI president mentioned the Special Investment Facilitation Council (SIFC) established by the Government of Paki­stan, which focuses on expediting new investments in defense, agriculture, minerals, IT/telecommunication, and energy. He encouraged the Indonesian Diplomat to inform Indonesian inves­tors about these opportunities and promote joint ventures in Pakistan.