Indonesia, Saudi Arabia agree to double trade by 2020

Indonesia and Saudi Arabia have agreed to double their two-way trade value by 2020.

Jakarta (VNA) - Indonesia and Saudi Arabia have agreed to double their two-way trade value by 2020.

According to the Indonesian Trade Ministry, the two-way trade amounted to 8.5 billion USD in 2015. Indonesian exports to Saudi Arabia reach 3.35 billion USD in 2015, while imports were worth 5.14 billion USD.

The total trade between the two countries is expected to increase 15 percent a year in the coming time.

Trade Ministry expert for trade services Arlinda Imbang Jaya said a Saudi business delegation was in Indonesia this week to learn about the market and seek business and cooperation opportunities with Indonesian businesses.

Saudi Arabia expressed its interest in cooperating with various business players including those running professional nursing care, producing pharmaceutical products, cosmetics and medical equipment.

According to the official, Saudi Arabia is ready to facilitate and help Indonesian companies to expand their businesses in Saudi Arabia.

Indonesia’s main export commodities to Saudi Arabia are textile products, cars, palm oil, tuna, rubber and rubber products, plywood, paper and paper products, pulp and charcoal.-VNA

VNA
#two-way trade#Indonesian Trade Ministry#Saudi businesses#Indonesian companies
Follow VietnamPlus

Related News

Indonesian Foreign Minister Retno Marsudi (Source: AFP/VNA)

Indonesia, Saudi Arabia boost cooperation

Indonesia and Saudi Arabia have agreed to strengthen cooperation through the Indonesia-Saudi Arabia Cooperation Committee established in 1982, Indonesian Foreign Ministry announced in a press release on May 27.

See more

The RoK's Finance Minister Choi Sang-mok speaks at a trilateral meeting with his Japanese and Chinese counterparts in Georgia. (Photo: Yonhap)

ASEAN+3 to create new financing facility against regional crises

The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.

Thailand to apply VAT on imports sent via post

Thailand to apply VAT on imports sent via post

The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
Malaysia asserts pioneering role in halal industry

Malaysia asserts pioneering role in halal industry

Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
ASEAN Future Forum 2024 enters first session

ASEAN Future Forum 2024 enters first session

The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
ASEAN youth empowered to unleash potential: ASEAN chief

ASEAN youth empowered to unleash potential: ASEAN chief

ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
ASEAN bolsters intellectual property cooperation

ASEAN bolsters intellectual property cooperation

The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.