Indonesian minister wants Dhaka-Jakarta trade potential to be maximized

Indonesian Deputy Foreign Minister Arrmanatha Christiawan Nasir wants Indonesia and Bangladesh's economic potential to be increased, referring to the trade value of the two countries last year, making Indonesia one of the largest exporters in the country.

"Indonesia and Bangladesh are not only neighbours in the Indian Ocean, we are also partners in economic development and prosperity," he said while addressing as an honorary guest at the "Indonesia-Bangladesh Business Gathering and Networking Dinner" at the Intercontinental Hotel, Dhaka on 1 June, reads a press release on 2 June.

He explained the close bilateral relations between Indonesia and Bangladesh, which are more than five decades old, and continue to strengthen economic relations between the two countries.

The event was organised by the Embassy of the Republic of Indonesia in Dhaka, in collaboration with the Indonesian Chamber of Commerce and Industry Bangladesh.

The deputy minister explained that the trade between the two countries last year reached more than $3 billion and Indonesia is the fourth largest exporter in Bangladesh. "We must continue to maximize the economic potential of the two countries."

He also highlighted the long-standing historical and cultural relationship between Indonesia and Bangladesh, noting that economic cooperation is the most effective if it is supported by mutual trust, inter-community contact and institutional collaboration.

Furthermore, the minister conveyed that Bangladesh's positive economic growth was marked by stable recovery, fundamental improvement of macroeconomics, and increased investor confidence in creating a climate that is profitable for increased trade and bilateral investment.

IBCCI Vice President Mostafa Qamrus Sobhan said Indonesia has emerged as a major economic force in Southeast Asia, often referred to as one of the rising Asian Tigers.

Similarly Bangladesh has established itself as a rapidly growing economy in South Asia, especially in the garments and Textiles sector.

"Indonesia has been an important source of raw materials for our export-oriented industries and domestic markets. We import textile, chemicals and other industrial inputs such as coal, and palm oil, while exporting garments, jute products and more," he added.

There is a high interest from Bangladeshi businessmen to expand with the economy and Indonesia, especially in the energy sector, maritime logistics, mining, health, textiles and food sectors.