Indonesia is seeking to expand bilateral trade between the United Arab Emirates as it witnessed a 27.78 percent rise in trade volumes to reach $215 million during the first seven months of 2021, from $168 million during the same period in 2021.
Mr. Husin Bagis, the Indonesian Ambassador to the UAE noted that the Comprehensive Economic Partnership Agreement (CEPA) is expected to be concluded in the first quarter of 2022, paving the way for a significant increase in bilateral trade.
In March 2021, the UAE announced a $10 billion investment in Indonesia’s sovereign wealth fund, the Indonesia Investment Authority (IIA). The IIA is formulating plans to accept UAE investments, with projects being implemented in accordance with those plans.
Mr. Bagis said, “Indonesia is among eight countries that the UAE wants to expand its economic and trade relations, as part of the Emirates’ Projects of the 50 initiative, and both countries have started negotiations in September on the CEPA.”
Indonesia is planning to plant 10,000 mangrove saplings this year. Currently, around 11,000 tourists from the UAE visit Indonesia annually but the country wants to increase that number up to 100,000 by next year. Now less than 50 Indonesian students are studying in the UAE and this number is expected to increase to 500 by next year, added Mr. Bagis.
Last day, Etihad Credit Insurance (ECI) and Indonesia’s state-owned reinsurance agency, Indonesia Re, inked a Memorandum of Understanding (MoU) to promote bilateral exports and investments through trade credit insurance, reinsurance, and guarantees.
Indonesia’s government recently announced that it has acquired $32.7 billion in investment commitments from UAE companies in a variety of areas, including vaccine manufacturing and distribution.
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