Indonesia, Italy enhance economic cooperation
Source: Vietnam News Agency(VAN) Time:2017-05-19 16:48:12
Indonesian Coordinating Minister for Economy Darmin Nasution (Source: skalanews.com)
Indonesian Coordinating Minister for Economy Darmin Nasution and visiting Italian Minister of Economic Development Carlo Calenda have agreed to enhance bilateral economic cooperation during their recent meeting in Jakarta, Indonesia.
Italy is considered as one of the important partners of Indonesia in the European Union. However, data from the Indonesian Ministry of Trade in 2016 showed that the total value of bilateral trade hit only 3 billion USD, down 8.6 percent compared to 3.2 billion USD in the previous year.
In terms of trade, Indonesia mainly exports coal, crude palm oil, footwear, rubber, coffee, recording equipment, wooden furniture, apparel and pulp to Italy while importing washing machine, tubes and pipes, machinery and mechanical equipment, leather products, automotive spare parts and textile machine.
The Investment Coordinating Board of Indonesia (BKPM) recorded an investment sum worth 26 million USD from Italy in 2016.
In the first quarter this year, Italy became the 25th largest investor in Indonesia with a total registered capital of 11.34 million USD. The European country targets a 10 percent increase in investment in Indonesia, focusing on aviation, infrastructure, food processing, energy and pharmaceuticals.
Nearly 450 Italian firms are investing in Southeast Asia, some of them are ready to inject more into Indonesia in the near future.