JAKARTA - Deputy Minister of Trade (Wamendag) Jerry Sambuaga believes that Indonesia still has significant room to increase its contribution to Russia's trade and investment sector.
"Indonesia can still increase its contribution to Russia's trade and investment sector. This is shown by the trend of Indonesian exports to Russia which over the past five years (2019-2023) has increased by 4.71 percent," said Jerry as reported by ANTARA, Monday, July 22.
Jerry emphasized that the Indonesia-Russia economic partnership was built on the basis of mutual benefit and common goals.
The Indonesia-Russia strategic partnership is aimed at encouraging the creation of closer and more sustainable trade relations.
This partnership is not only about trade, but also about fostering deeper economic relations that can stand the test of time and global economic shifts.
Jerry explained that Indonesia presents extraordinary opportunities for business people from all over the world with a Gross Domestic Product (GDP) of 1.32 trillion US dollars in 2023 and economic growth reaching 5.05 percent.
"Indonesia has succeeded in attracting the world's attention as a shining star in Asia in the last decade. Indonesia has also emerged as a powerhouse in strategic industries," said Jerry.
In terms of investment, Indonesia experienced a significant increase in investment realization last year, reaching 89.3 million US dollars or an increase of 17.5 percent compared to the previous year.
This achievement not only created 1.82 million jobs, but also exceeded the set target.
Jerry hopes to enhance mutually beneficial partnerships and encourage stronger collaboration to jointly navigate the dynamic global economy.
This forum demonstrates the commitment of both governments to maintain and facilitate trade relations, economic partnerships, and investment.
Jerry also announced that the negotiations on the Indonesia-Eurasian Economic Union Free Trade Agreement (IEAEU FTA) were going well. The 4th round of negotiations took place in March 2024.
The IEAEU FTA aims to foster deeper economic relations and facilitate trade and investment flows between Indonesia and EAEU member countries, including Russia.
"This agreement will pave the way for greater market access, reduced trade barriers, and increased economic collaboration," Jerry said.
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Based on data from the Ministry of Trade, Indonesia's exports to Russia in 2023 include palm oil worth USD 632.6 million, machine parts USD 26.71 million, rubber USD 21.43 million, processed food US$19.39 million, and cocoa butter USD 10.8 million.
On the other hand, Indonesia's imports from Russia showed a growth of 22.24 percent from 2019 to 2023. Indonesia's main imports from Russia in 2023 include bituminous coal worth USD 495.6 million, iron and steel worth USD 389.6 million, fertilizer worth USD 338.1 million, cereals worth USD 274.8 million, and asbestos worth USD 45.03 million.
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