The Ambassador of Indonesia Mr. Adam Tugio urges the business community of Faisalabad to focus and research on global niche market for extra dividends and products expansion while taking into account products where Pakistan has comparative advantage.
Faisalabad: The Ambassador of Indonesia Mr. Adam Tugio urged the business community of Faisalabad to focus and research on global niche market for extra dividends and products expansion while taking into account products where Pakistan has comparative advantage.
Addressing a gathering of leading businessmen from various sectors at Faisalabad Chamber of Commerce and Industry, the Envoy said that young millennial globally are selective, environment caring and health conscious and usually prefer specific innovative products that are unavailable in traditional market. Citing the importance of non-traditional market, the envoy pointed out new trends of circular economy, creative economy and recycling economy which provide good trade and investment opportunities. He mentioned Bali as a preferred place for real estate sector of Pakistan to explore niche market for establishing restaurants and hotels as tourists from South Asia are the second biggest foreign visitors there.
On the importance of ASEAN region, Ambassador Tugio said global economy is shifting towards Asia, which ASEAN in Southeast Asia is the 4th largest economy in the world with a diverse population of above 650m people. He informed about Regional Comprehensive Economic Partnership (RCEP) of ASEAN and five dialogue partners as an emerging trading block with 30 percent of global GDP and encouraged FCCI to conduct research on the benefit of building trade connectivity with ASEAN through RCEP as well as with an FTA with ASEAN.
Talking about challenges in the line of business activities, the Envoy particularly mentioned to narrow the gap between perception and reality and consistency of economic policies for sustainable economic growth in Pakistan. “Indonesia considers Pakistan an important strategic partner for its geo-strategic importance and signing of PTA agreement reflects the interest of both sides since trade volume reached to record USD 4.2 bn which was 1.2bn before the trade agreement”, said Tugio. However, he pointed out that due to high tariff several products from Indonesia such as tires and auto spare parts enter into Pakistan via other trade routes. The envoy suggested FCCI to carry a comparative advantage study on Pakistani products for Indonesian market and to provide list of potential new items to TDAP for more access and better trade volume as the countries are now in the process of revisiting PTA with the objective to expand it further. He also emphasized on frequent exchange of trade delegations for better understanding of market demand and trends on both sides.
Ambassador Tugio also invited the FCCI members to participate in the upcoming annual Trade Expo to be held in Indonesia in October 2023 and assured facilitation from the Embassy. He also informed about Halal Trade Expo to be held right after the Trade Expo and underscored the growing market share of halal products both in the Muslim and non-Muslim countries. “Halal trade is beyond food which includes pharmaceutical, hospitality and tourism, lifestyle, beauty care and cosmetics and other related businesses with promising prospects joint collaboration”, he added.
Earlier, the Senior Vice President of FCCI Dr. Sajjad Arshad expressed his gratitude to the Indonesian Ambassador for visiting the Chamber and for enlightening interaction with the members. He expressed keen interest in further expanding trade and business activities with Indonesia through the assistance and support of the Embassy.