Business leaders of Pakistan and Indonesia on Monday agreed to evolve a strategy to enhance bilateral trade and to bridge the trade gap between the two countries.
According to a message received here on Monday from Jakarta where a 10-member high level Pak traders delegation is currently attending fifth three-day World Islamic Economic Forum (WIEF), this was resolved during a meeting of Pakistan business group, led by Tariq Sayeed and Iftikhar Ali Malik, former Presidents of FPCCI and counterparts of Indonesian Chamber of Commerce and Industry (ICCI).
They were of the opinion that Indonesia and Pakistan being the World's sixth and seventh largest nations formed a combined market of 325 million people; however the volume of trade between these countries was negligibly less than 1% of their total with rest of the World.
Since both the markets provide a sizeable import market of $125 billion, there was an ample opportunity to make niche in each other's markets, said Tariq Sayeed and stressed for formulation a strategy that trade volume between the two countries is augmented to the level of existing potential and Pakistani products are marketed in a prospective manner.
Iftikhar Ali Malik, Deputy leader of Pak delegation said that the present volume of trade between Indonesia and Pakistan was estimated $1.24 billion in the year 2007-08, showing a huge trade deficit of $1.17 billion to Pakistan, which was due mainly to import of vegetable and animal fats, petroleum products, man-made fibre, paper products and organic Chemicals from Indonesia.
Tariq Sayeed urged the ICCI to encourage imports from Pakistan since many of Pakistani products had a great potential for Indonesian Market and in the absence of appropriate marketing such products had not been able to capture the market.
The exports from Pakistan were disappointingly estimated at only $61 million in the year 2007-08. Fachry Thaib, chairman organising committee of WIEF for Middle East and Asia,Herbursy,Sachman H. Kademin Secretary General ICCI and many other businessmen from Indonesia were present in the meeting.
The other members of Pak delegation who attended the meeting comprised Zubiar Tufial, former VP, FPCCI, Muhammad Siddique Sheikh,Azhar majeed Sheikh, Mian Mehmood Ahmed,Jamil Naz,Muhammad Aamir Sorathia,Sheharyar Ali Malik,Salman Tufail and Kashif Younus Mehar.