economy

Wamendag Jerry: The Economy Keeps Growing, Indonesia's Appeal Is Shining Brighter

Indonesia's steady and growing economic growth is making it a key player in global trade and investment. Countries like Australia are viewing Indonesia as a strategic hub in Southeast Asia, serving as a major gateway to other Asian markets.

This was highlighted by Deputy Minister of Trade, Jerry Sambuaga, during the Indonesia-Australia Business Forum held in Tangerang, Banten, on Saturday (October 12). The event, themed ‘The Best of Indonesia and Australia: Navigating Australia Biosecurity Import Regulations,’ attracted around 150 participants, including business leaders, academics, and relevant government agencies, and took place alongside the 39th Trade Expo Indonesia (TEI) from October 9 to 12, 2024.

“With the economy on the rise, Indonesia is seen by Australia as the Southeast Asian hub and a primary gateway to access the Asian market. For Indonesia, Australia holds a special position as a gateway to the broader Pacific region,” explained Deputy Minister Jerry.

He emphasized that Australia has always been an important trading partner for Indonesia. The relationship between the two nations has been strengthened through the Indonesia-Australia Comprehensive Economic Partnership (IA-CEPA), which is expected to create numerous trade opportunities and prosperity for both countries.

“Indonesia has completed and implemented several trade agreements with its partners. Through this business forum, I invite Australian business players to explore and seize business opportunities in Indonesia and to maximize the implementation of IA-CEPA,” said Deputy Minister Jerry.

He added that IA-CEPA is a comprehensive agreement that goes beyond just trade in goods; it also includes services, investment, and economic cooperation. The broad scope of IA-CEPA will help solidify Indonesia and Australia as true partners.

This business forum is super important because it gives the latest insights to entrepreneurs from both countries. I also encourage Australian businesspeople to connect with thousands of trusted Indonesian suppliers, especially through Trade Expo Indonesia 2024, to find the best products from Indonesia, said Deputy Minister Jerry.

Lintang Paramitasari Parnohadiningrat, the Deputy Head of the Indonesian Embassy in Canberra, pointed out that the trade relationship between Indonesia and Australia has been long-standing and mutually beneficial.

"The two countries complement each other well. Indonesia and Australia have a lot of potential that can be leveraged by both sides across various strategic sectors," Lintang explained.

Rod Commerford, the Acting Minister Counselor at the Australian Embassy in Jakarta, mentioned that the collaboration between Indonesia and Australia brings numerous benefits, not just for the economies of both nations but also for other sectors. "This cooperation also enhances areas like technology, education, infrastructure, and human resource development," Rod added.

From January to August 2024, the total trade between Indonesia and Australia reached USD 10.33 billion, marking a 27.09 percent increase compared to the same period last year. Of that amount, Indonesia's exports to Australia were valued at USD 3.16 billion.

On the flip side, Indonesia imported USD 7.16 billion from Australia. The main exports from Indonesia to Australia include electronic components like TV receivers, iron or steel products, machinery, wood products, and communication equipment. Meanwhile, Australia's top exports to Indonesia consist of coal, wheat and meslin, iron ore, metals, and sugar.

Tag: Australia Economy Keeps Growing Jerry Sambuaga Southeast Asia Wamendag