Home Business & Finance Act Beyond Trade: Indonesia – Pakistan seeks to increase Palm investment

Act Beyond Trade: Indonesia – Pakistan seeks to increase Palm investment

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KARACHI: The Indonesian Consulate General in Karachi has held Conference and Exhibition on Indonesian Palm Oil (CEIPO) 2018 in Movenpick Hotel Karachi, Pakistan, on yesterday September 6, 2018. The activity consists of seminars and exhibitions in the palm oil sector that are held simultaneously in one day. Present as speakers were the Indonesian Ambassador to the Islamic Republic of Pakistan, H.E. Iwan Suyudhie Amri; Indonesian Consul General in Karachi, Totok Prianamto; Executive Director of the Indonesian Palm Oil Estate Fund Agency, Mr. Dono Boestami; Chairperson of Indonesian Palm Oil Association (IPOA), Mr. Joko Supriyono; Puspo Edi Giriwono, Ph.D. from the Bogor Agricultural Institute (IPB), as well as several speakers from the Pakistani private sector.

More than 150 participants in the palm oil and food business in Pakistan attended the event. From Indonesia, participated in as many as 18 officials and members of the Indonesian Embassy in Islamabad, IPOA, Indonesian Oleochemichal Manufacturer Association (IOMA), the Indonesian Palm Oil Estate Fund Agency, and Indonesian Harbour Co.

Totok Prianamto, Consul General of the Republic of Indonesia, conveyed in his opening speech that CEIPO, with the theme “Pakistan – Indonesia Collaboration on Palm Oil-based Industries”, aims to spark discussion regarding the development of cooperation in the palm oil industry between Indonesia and Pakistan in the future. It is hoped that these activities will further increase the exchange of ideas related to the possibility of joint investment to add value to palm oil products.

During the seminar session, the speakers and participants realized that palm oil is the most important commodity in trade between Indonesia and Pakistan. In 2017, around 63% of the trade value between Indonesia and Pakistan is the trade of palm oil. Indonesia meets 80% of Pakistan’s palm oil needs. However, it was realized that both countries had to act beyond trade for palm oil products. Both must look for new opportunities for investment, joint ventures and bilateral cooperation in the field of oil palm. Delivered that together with local partners, Indonesia can build palm terminals in ports, storage to refineries. With such investment and cooperation, it is not impossible that Pakistan can become an Indonesian palm hub to the South and Central Asian markets.

Meanwhile, speakers from Pakistan stressed that with a population of nearly 210 million and with an increasing number of middle class, untapped markets in Pakistan are very high and need to be developed. Speakers from Sindh Board of Investment (SBI) also explained about special economic zones and incentives to invest in Sindh Province to Indonesian and Pakistani entrepreneurs. For information, there are two main ports in the province, namely Karachi Port and Bin Qasim, where 98% of Indonesia’s palm oil products are processed. In addition, Pakistan also has a newly developed Gwadar port and has a potential special economic zone.

Not only seminars, the event also presented exhibitions of Indonesian and Pakistani palm oil products. Indonesian Palm Oil (a combination of IPOA, IOMA, the Indonesian Palm Oil Estate Fund agency, and Indonesian Harbour Co), Apical Pakistan, Waheed Group, Sharjah Cooking Oil, and Dalda Foods from Pakistan also participated and exhibited their products to visitors.

“We are grateful that CEIPO 2018 was very well received by Pakistani and Indonesian business people, as seen from the welcome and the presence of the big players in the palm oil industry. We believe that CEIPO will be the beginning of many collaborations and cooperation between the Indonesian and Pakistani palm oil industries, “concluded the Indonesian Consul General in Karachi.

Source :Consulate General of the Republic of Indonesia in Karachi

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