Indonesian Electric Motors and Aluminum Have Great Potential in Sri Lanka Market

Colombo, MINA – Indonesian Ambassador to Sri Lanka Dewi Gustina Tobing said Electric Motors and aluminum products have great potential to enter the Sri Lankan market.

“One of the potential economic cooperation between Indonesia and Sri Lanka today, among others, is the marketing of Indonesian electric motorcycles, considering that Sri Lanka is intensively promoting the use and development of technology and a sustainable environment-friendly economy,” said Dewi in when meeting with the Prime Minister of Sri Lanka, Mahinda Rajapaksa.

As quoted from the press statement of the Indonesian Embassy in Colombo on Saturday, another potential is in the aluminum sector. In 2021, Sri Lanka’s imports of aluminum will be around USD 427 million.

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“Indonesian aluminum products are now starting to be noticed by the Sri Lankan market and have a strong enough potential to be a source of increasing Indonesian exports to Sri Lanka,” said Dewi.

Dewi said Sri Lanka also wants to be part of a mutually beneficial cooperation, so that apart from being a market, future cooperation will be developed in the form of partnerships or joint ventures. From this cooperation, Indonesia’s exports can be boosted in the form of intermediate goods or semi-finished products for Sri Lanka’s industrial production needs.

In that case, Indonesia can take advantage of Sri Lanka’s potential as a hub and as part of a free trade agreement in the South and Central Asia region.

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Furthermore, Dewi conveyed Indonesia’s readiness to increase cooperation in the field of plantation commodities, including the fulfillment of vegetable oil needs. Indonesia is ready to discuss to share knowledge and experiences for the development of sustainable agriculture and plantations.

Indonesia-Sri Lanka trade data until November 2021 was recorded at USD 411 million. Indonesia’s export value in that period reached USD 364 million and Sri Lanka’s export value reached USD 47.7 million. This figure does not reflect the true potential of the potential that can be developed by the two countries.

“Therefore, it is important to follow up on the plan to negotiate the Preferential Tariff Agreement between the two countries,” said Dewi.

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Another thing that also surfaced in the talks was the commitment to strengthen bilateral cooperation, especially by taking advantage of the momentum to commemorate the 70th anniversary of diplomatic relations between Indonesia and Sri Lanka.

Gor this reason, Prime Minister Mahinda Rajapaksa fully supports the strengthening of bilateral cooperation between the two countries.

“In addition to discussing bilateral relations, it is also emphasized the importance of strengthening regional cooperation to strengthen the role of the two countries in the region,” concluded Ambassador Dewi. (T/RE1)

Mi’raj News Agency (MINA)