Indonesia-Russia nurture trade through forum in Vladivostok

Trade numbers between Indonesia and Russia rose by 33.6% last year to US$2.6 billion

Picture for representation

Indonesia and Russia are fostering closer trade ties through the first business and investment forum between the Indonesian Embassy in Moscow, in association with the House of Indonesia and Honorary Consul of Indonesia was held yesterday in Vladivostok.

Indonesia's efforts to establish closer trade ties with Russia was in line with the increase in business investments, trade and strategic industry partner following a meeting in May 2016 between Indonesian President Joko Widodo and his Russian counterpart Vladimir Putin.

The forum was attended by various Indonesian officials and businessmen including Bondowoso District Head Amin Said Husni, Sidoarjo District Head Saiful Ilah, East Java Provincial Investment and Integrated One-Stop Service Office head Lili Soleh Wartadipraja, and Jakarta Chapter of the Indonesian Chamber of Commerce and Industry chief Eddy Kuntadi.

The Indonesian deputy chief Mission Lasro Simbolon led the delegation to the forum, reported Indonesia's news agency, Antara News.

Mission said that the business forum was expected to serve as an important platform to promote Indonesia's economy. He said the government introduced a series of economic policy packages in the field of investment and foreign trade, which will nurture trade with the Russian counterparts, particularly in the Russian Far East, at the forum.

Trade numbers between Indonesia and Russia rose by 33.6% last year to US$2.6 billion with many Russian companies investing in various sectors including oil and gas, mining, agricultural and fisheries.

Meanwhile, Russian investment in Indonesia at the end of 2015 stood at US$1 million of the total US$29.27 billion foreign direct investment inflow into Indonesia.

Last year, in a report by Jakarta Post, the Indonesian-Russian partnership reached a new high with two major oil and gas companies on track to seal a joint venture worth US$15.8 billion on oil refinery and power plant projects. Oil and gas giants, Indonesia's Pertamina and Russia's Rosneft had signed the US$13.8 billion deal on October 2016 to develop the Tuban refinery in East Java to cull Indonesia's reliance on oil imports.