ISLAMABAD, June 24: Prime Minister Syed Yousuf Raza Gilani has asked for an early signing of the Preferential Trade Agreement with Indonesia to increase bilateral trade.

Talking to a delegation of Indonesian investors, headed by Derom Bangun, the premier said it would encourage and enhance volume of trade between the two countries.

He said Pakistan had cordial relations with Indonesia and was keen to expand these relations in all fields, especially in the area of trade and investment.

“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 per cent foreign equity, remittance of royalty, profits and dividends are allowed under Pakistani laws,” he said.

The meeting was informed that Pakistan imports substantial quantity of palm oil in view of country’s huge requirement of edible oil.

He said that Pakistan’s total yearly domestic demand of edible oil is around 2.9 million tons and only 0.857 million tons is produced locally and the balance is met through imports.

The head of the 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 today Indonesia is the biggest producer of palm oil, with an annual production at 18.6 million tons annually.

He said his delegation is looking at various possibilities of investment in Pakistan, especially in edible oil industry.

Minister for Finance Syed Naveed Qamar, Special Assistant to PM Hina Rabbani Khar and the secretaries of industries and agriculture also attended the meeting.

The Indonesian delegation was accompanied by Pakistan Vanaspati Manufacturers Association, led by Sheikh Amjad Rashid.