JAKARTA: Indonesia and Saudi Arabia have agreed to double their bilateral trade value by 2020 as the two countries believe they have a lot of potential for expansion.
Trade Ministry expert for trade services Arlinda Imbang Jaya said the total trade between Indonesia and Saudi Arabia amounted to US$8.5 billion in 2015.
Indonesian exports to Saudi Arabia amounted to $3.35 billion in 2015, while imports were worth $5.14 billion.
“The figures are yet to reflect the potential of both countries,” she said while receiving a Saudi business delegation at her office in Jakarta on Wednesday.
Arlinda said Saudi Arabia had expressed its interest in cooperating with various business players including those running professional nursing care, producing pharmaceutical products, cosmetics and medical equipment.
Saudi Arabia is one of the biggest potential markets for Indonesia in the Middle East, she said.
Indonesia’s main export commodities to Saudi Arabia are cars, palm oil, tuna, rubber and rubber products, plywood, paper and paper products, pulp, charcoal, textile and textile products.
Arlinda asked Indonesian businesses to increase the quality of their products to meet the requirements set by the Saudi authority, the Saudi Standards, Quality, and Metrology Organization ( SASO ).
Head of the Chamber of Commerce and Industry in Mecca Maher Jamal said the trade partnership between Indonesia and Saudi Arabia did not match the political and cultural ties.
He said Saudi Arabia was ready to facilitate and help Indonesian companies to expand their businesses in Saudi Arabia.
Jamal said the trade value between Indonesia and Saudi Arabia was expected to increase by 15 percent every year.
To reach this goal, Saudi Arabia will participate in exhibitions staged by Indonesia, he said, adding that Indonesia also should participate in exhibitions held in Saudi Arabia.
