Trade Minister Zulhas Leads Trade Mission To New Delhi, Books Potential Transactions Of US$3.2 Billion

Minister of Trade, Zulkifli Hasan. (Photo: Doc. Ministry of Trade)

JAKARTA - Minister of Trade Zulkifli Hasan led the Delegation of the Indonesian Trade Mission to New Delhi, India by bringing 10 Indonesian business players and exporters, as well as associations, which managed to record a potential transaction of 3.2 billion US dollars.

"I chose India as my first overseas visit, because India is Indonesia's strategic trading partner. The two countries have a long and close historical relationship, fellow G20 countries and their economies complement each other because we need each other," said the Trade Minister in his statement. in Jakarta, reported by Antara, Tuesday, August 23.

The visit is the Trade Minister's first overseas trade mission since taking office on 15 June 2022.

On Monday, August 22, the Minister of Trade witnessed the signing of 22 cooperation agreements (MoUs) between business actors from the two countries worth US$3.2 billion.

The signing of 22 MoUs on today's trade missions covers palm oil (CPO) products, olein, coal, furniture, plastic tools, as well as pulp and paper.

"Specifically for palm oil products, the total commitments under the agreement are 2.6 million tons or worth 3.16 billion US dollars," continued the Minister of Trade.

Also witnessing the signing of the MoU were the Ambassadors of the Republic of Indonesia to India and Bhutan Ina Hagniningtyas Khrisnamurti and the Director General of National Export Development Didi Sumedi

Trade Minister Zulkifli Hasan expressed his optimism over the achievement of this trade mission. According to the Trade Minister, this is a historic day for our two countries, because in the midst of a situation full of uncertainty and economic challenges, Indonesia and India continue to strengthen strategic partnerships, especially in trade cooperation.

"Hopefully the mutually beneficial partnership between Indonesian and Indian business actors will be closer and sustainable," said Trade Minister Zulkifli Hasan.

The Ministry of Trade, continued Trade Minister Zulkifli Hasan, continues to be committed to encouraging non-oil and gas exports.

"The Ministry of Trade and of course through foreign trade representatives are also ready to help business players to increase exports and expand the export market," concluded the Minister of Trade Zulkifli Hasan.

The business players who participated in the trade mission stated that the moment of selling CPO was very appropriate, considering that Indonesia is currently trying to restore the Indian consumer market, especially in meeting the surge in demand for vegetable oil ahead of Deepavali Day on October 24, 2022.

India is the second largest CPO export destination after China, with an export value of US$3.4 billion in 2021 or 25 percent of Indonesia's total exports to India.

Based on data from the Central Statistics Agency (BPS) processed by the Ministry of Trade, the total trade between Indonesia and India in January-June 2022 was recorded at 16.67 billion US dollars.

Indonesia's total non-oil and gas exports to India in that period were recorded at 15.3 billion US dollars, an increase of 75 percent compared to the same period the previous year which was only 8.7 billion US dollars.

Meanwhile, in 2021 the trade value between Indonesia and India will reach 19.8 billion US dollars with a surplus for Indonesia of 6.3 billion US dollars. Indonesia's non-oil and gas exports to India in 2021 will be recorded at 13.11 billion US dollars.