14.10.2018 (The Express Tribune) - ISLAMABAD: Pakistan imports palm oil for meeting its domestic needs while Indonesia is the world’s largest producer of palm oil. Indonesian investors should set up joint ventures in Pakistan for the production and processing of palm oil that will help in reducing the country’s import bill.

This was stated by Islamabad Chamber of Commerce and Industry President Ahmed Hassan Moughal while exchanging views with Embassy of Indonesia Head of Economic and Commercial Department Wisnu Suryo Hutomo during his visit to the chamber. Moughal said Pakistan’s palm oil imports rose 23% in the first half of 2017-18 and Indonesia should cooperate with Pakistan in enhancing domestic production of the commodity.

The ICCI president suggested that Pakistan and Indonesia should focus on promoting bilateral trade as the current volume of around $2.5 billion did not reflect their true potential. “With serious efforts, the two-way trade could be increased up to $8 billion,” he voiced hope.

Hutomo said Indonesia was ready to cooperate in the cultivation of high-yielding palm plants and establishing palm oil refineries.