Indonesia is willing to set up joint ventures in the production and processing of palm oil, along with manufacturing of high-value products from palm oil in Pakistan.
This was shared by Indonesian Embassy Islamabad Minister Counselor Wisnu Suryo Hutomo.
During a meeting with Faisalabad Chamber of Commerce and Industry (FCCI) Acting President Farooq Yousaf, Hutomo said that there are vast opportunities in exploiting untapped trade potential between the two countries. “Pakistan is exporting rice while there is a huge demand of Pakistani Kinnow and mangoes in Indonesia,” he said. “However, efforts are in process to encourage the production of palm oil in Pakistan in collaboration with Indonesian businessmen.
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“A proposal is under consideration for a refinery to process crude oil in order to produce food-grade palm oil,” he said. “This will initiate the process for production of numerous high-value products including biscuits, chocolates, soaps and cosmetics.
“I have been making efforts to promote consensus on these projects between the investors of the two countries to ensure balanced bilateral trade.” Regarding the China-Pakistan Economic Corridor (CPEC), Hutomo said that 288 different projects were being implemented with a huge investment of $63 billion. “This massive infrastructure will not only benefit Pakistan but also ensure enhanced regional connectivity,” he said.
He further recalled that a Preferential Trade Agreement (PTA) has already been signed and now Pakistan’s business community should contact its commerce ministry to finalise the draft of the proposed Free Trade Agreement.