By NNN-APP,
Islamabad : Prime Minister Syed Yousuf Raza Gilani called for early signing of the Preferential Trade Agreement (PTA) with Indonesia as it would encourage and enhance the volume of trade between the two countries.
He was talking to a delegation of Indonesian investors headed by Derom Bangun who along with a delegation of Pakistan Vanaspati Manufacturers Association led by Sh. Amjad Rashid, called on him here at the Prime Minister House on Tuesday afternoon.
The Prime Minister said Pakistan has cordial relations with the brotherly country of Indonesia and is keen to expand relations with it in all fields especially in the area of trade and investment.
He said that foreign investment is fully protected in Pakistan and all economic sectors are open to Foreign Direct Investment.
Pakistan makes no distinction between local and foreign investors as 100% foreign equity, remittance of royalty, profits and dividends is allowed under Pakistani laws, the Prime Minister said.
The meeting was informed that Pakistan imports substantial quantity of palm oil in view of the country’s huge requirement of edible oil.
He said that Pakistan’s total yearly domestic demand of edible oil is around 2.9 million tonnes and only 0.857 million tonnes is produced locally and the balance is met through imports.
The head of Indonesian delegation said that his country is keen to promote trade and investment with Pakistan especially in palm oil and edible industry.
He said that Indonesia is the biggest producer of palm oil with an annual production at 18.6 million tonnes annually.
He said his delegation is looking at various possibilities of investment in the Pakistan especially in edible oil industry.
The meeting was also attended by Minister for Finance Syed Naveed Qamar, Special Assistant to PM, Ms. Hina Rabbani Khar, Secretary Industries and Secretary Agriculture.