Pakistan and Indonesia have signed trade agreements and memorandums of understanding (MoUs) totaling $10.7 million, facilitated by the Special Investment Facilitation Council (SIFC), during a recent trade expo, according to state-run media reports.
These agreements span various sectors and products, including copra, gum copal, cocoa, dried coconut, ginger, and spices. Furthermore, deals were made in the consumer goods and auto parts industries.
“Business-to-business bilateral cooperation trade agreements and memorandums of understanding worth 10.7 million dollars were signed between the two countries during this event,” Radio Pakistan reported on October 21. “Trade Expo Indonesia was held recently to promote bilateral cooperation between Indonesia and Pakistan.”
The accords reflect the joint efforts of private companies, business organizations, and government institutions.
Tego Viveko, Indonesia’s Acting Consul General, commended the participation of the Pakistani delegation, particularly its business community from Sindh province. He emphasized that this engagement marked a critical step towards reinforcing economic ties between the two nations.
“This is a positive step towards fostering deeper economic cooperation,” he said.
Abid Nisar, Chairman of the Pakistan-Indonesia Business Council, expressed optimism about the strengthening economic relationship, stating, “The roots of relations between both countries are connected to history and culture. These memoranda of understanding will bring mutual economic benefits and prosperity for both nations.”
The Pakistan Business Council also highlighted the significant potential for growth in the trade relationship between Pakistan and Indonesia. It identified agriculture, textiles, and energy as key areas where bilateral cooperation could expand.
In addition to the trade deals, both countries reiterated their commitment to deepening cooperation in trade and the economy, supported by the SIFC, Pakistan’s hybrid civil-military forum, established in June last year to attract international investment in key sectors.
Earlier, Pakistan’s Prime Minister Shehbaz Sharif congratulated Indonesian President Prabowo Subianto on taking office, expressing his readiness to work closely with him to enhance bilateral cooperation and promote peace and security at both regional and global levels.