Trade Minister Zulhas Bidik Bangladesh As A Potential Expansion Of Non-traditional Markets

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

JAKARTA - Trade Minister Zulkifli Hasan said that currently, Indonesia is focusing on strengthening trade relations with non-traditional countries. In line with this, said Zulkifli, to improve trade relations in the global market, including with South Asian countries such as Bangladesh, the active role of all relevant parties, including the business community, is very necessary. This was conveyed by Trade Minister Zulkifli Hasan in a meeting with the United States (US)-Bangladesh Business Community which was attended by the Bangladesh-US Chamber of Commerce and Industry (Kadin) and 30 US-Bangladesh business actors in Queens, New York, USA. "Many things can be explored and developed in trade relations between Indonesia and Bangladesh. Moreover, the two countries have a number of similarities and a large market, which is to have more than 400 million people with a Muslim majority," he said in an official statement, Monday, October 10. Zulhas, as Zulkifli Hasan is familiarly called, said that there are a number of Indonesian products that have the opportunity to increase their exports to Bangladesh. The Ministry of Trade also shows its commitment to realize these goals through exploring trade agreement negotiations between Indonesia and Bangladesh. With the exploration of the trade agreement, said Zulkifli, an increase in the value of trade transactions through lowering import duties and trade preferences, and other conveniences can be achieved. Dalam pertemuan ini, turut disampaikan berbagai hal yang menjadi kendalakan dalam hubungan dagang Indonesia dan Bangladesh, di antaranya kemudahan dalam mendapatkan visa atau visa bisnis, terbatasnya jumlah penerbangan, serta masih belum intensifnya kedua negara membaca peluang dan kelebihan masing-masing negara. Responding to this, Trade Minister Zulkifli Hasan conveyed a number of strategies to increase Indonesia's trade, which focus on developing potential export products to Bangladesh such as energy, machinery, technology, and halal products. "The other thing is to maintain products that have a strong market share in Bangladesh, as well as increase the market share of products that must be restored," he said. In addition, Zulhas continued, the business community is also one of the important factors in responding to a number of challenges that are still faced by business actors today. For your information, the value of Indonesia-Bangladesh trade in the January &mdash period of August 2022, was recorded at US$2.51 billion, an increase of 36.16 percent compared to the same period the previous year. Of this value, Indonesia's exports to Bangladesh amounted to US$2.44 billion with leading export commodities including palm oil, coal, cement, chemical wood porridge, and cotton. Meanwhile, Indonesia's imports from Bangladesh amounted to 68.50 million US dollars. Meanwhile, the total trade value between the two countries in 2021 recorded a surplus for Indonesia of 2.82 billion US dollars. The trade surplus was obtained from the value of Indonesia's exports to Bangladesh of 2.92 billion US dollars and Indonesia's imports from Bangladesh amounted to 108.17 million. During the meeting, Zulhas also invited business actors to attend the 37th Trade Expo Indonesia (TEI) and Jakarta Muslim Fashion Week (JMFW) events which will be held on 19-23 October 2022 at the Indonesia Convention Exhibition (ICE), BSD, Tangerang, Banten. "TEI 2022 is the largest international trade show in Indonesia. At this exhibition, various superior products of quality Indonesia will be displayed. This exhibition can be a vehicle to get to know Indonesia's superior and potential products better, as well as an opportunity to meet the needs or requests of imported products from Bangladesh," he said.