Indonesia wants to set up palm oil refinery in Bangladesh: Envoy

Indonesian businessmen are interested in setting up a palm oil refinery in Bangladesh.

There is also a good possibility of increasing bilateral trade and Indonesian investment in this country, said Heru Hartanto Subolo, ambassador of Indonesia to Dhaka.

He made the remarks during a courtesy meeting with Commerce Minister Tipu Munshi at the commerce ministry in Dhaka on Sunday.

Speaking at the meeting, they said the signing a Preferential Trade Agreement (PTA) between Bangladesh and Indonesia to boost bilateral trade will hopefully take place soon.

Ambassador Heru Hartanto said Bangladesh has achieved unprecedented success under the leadership of Prime Minister Sheikh Hasina. The country has become a developing country from a least developed country.

Referring to the immense potential of investment in Bangladesh, he said Indonesian businessmen are willing to establish a Palm oil refinery station in Bangladesh.

Meanwhile, Minister Tipu said a bilateral PTA with Indonesia is under process. The two countries have formed a ‘Trade Negotiations Committee’ to implement the agreement and have held three meetings so far and the fourth meeting will be held in Indonesia next month. The next meeting is likely to conclude the negotiations.

Emphasising on further expansion and acceleration of bilateral trade and investment, Tipu Munshi suggested more frequent communication between the business communities of the two countries so that they could identify promising sectors and create investment opportunities.

He called on Indonesia to maintain balance in bilateral trade by allowing access to Bangladeshi products, especially RMG, pharmaceuticals and leather products.

The minister said Bangladesh exported $78.57 million worth of goods to Indonesia in the fiscal year 2021-22. On the other hand, the country imported about $3,082 million worth of goods.

He called on the country to take measures to allow more Bangladeshi products to enter the Indonesian market to balance this huge trade deficit.

Regarding visa facilitation for Bangladeshi citizens in Indonesia, the minister said the relations between the two countries are very close, friendly and cordial. Both countries have huge potential in the tourism sector. By simplifying the visa process, travellers from both countries will have the opportunity to travel and contribute to the economy.

The commerce minister called for the signing of an MoU between the apex trade bodies of the countries for the development of relations and expansion of trade between the business groups of the two countries. The Ambassador of Indonesia agreed and promised cooperation in this regard.