Indonesia-Saudi Arabia Trade Value Reaches 7.5 Billion USD

Jakarta, InfoPublik - Indonesia and Saudi Arabia have well-established economic-related bilateral relations. In 2022, bilateral trade between Indonesia and Saudi Arabia reached US$7.5 billion, with exports reaching US$2 billion and imports reaching US$5.5 billion.

Meanwhile, over the year 2018—2022, Saudi Arabia's foreign direct investment in Indonesia is valued at US$21.89 million.

The Coordinating Minister for Economic Affairs Airlangga Hartarto emphasized the significance of the two countries continuing to strengthen their concrete and tangible cooperation as a result of the existing agreements.

"Relations and economic, trade, and investment cooperation between the two countries have not reached their full potential," said Coordinating Minister Airlangga in a press release received on Thursday, March 16, 2023. "Therefore, cooperation must be strengthened so as to produce something concrete and beneficial for both countries," he added.

In addition, Minister Airlangga stated that Indonesia is an important investment location for Saudi Arabia. In light of the fact that Indonesia will experience a substantial demographic bonus, Saudi Arabian business actors must capitalize on this momentum to enhance and expand their company operations in Indonesia.

In addition, Minister Airlangga described numerous potential deliverables during Indonesia's chairmanship of ASEAN in 2023, including sustainability, digitalization, e-commerce facilitation, and the strengthening of small and medium enterprises in the ASEAN region. In addition to cooperation in the oil and gas sector and people-to-people contacts, business actors from the two nations can explore potential collaborations in the sectors mentioned above.

Previously, the Coordinating Minister for Economic Affairs met with the Saudi Arabian Ambassador to Indonesia Faisal Abdullah Amodi to discuss the development of economic, trade, and investment cooperation between the two nations.

During this meeting, the two parties also agreed to improve communication regarding measures to expand economic, trade, and investment cooperation between the two countries. The parties also agreed to continue working with KADIN to identify potential areas of future cooperation that are anticipated to be explored and developed.

Photo: Ekon Public Relations

Reporter: Isma