Trade Value Worth US$500 Million Recorded during Indonesia-Africa Forum

Trade Minister Enggartiasto Lukita (right) with Foreign Minister Retno Marsudi gave an explanation of the result of Forum Indonesia Afrika (IAF) 2018 in Nusa Dua, Bali ..

Nusa Dua, Bali, MINA – The Indonesia-Africa Forum (IAF) managed to record additional trade transactions worth nearly US$500 million, with the total potential of trade agreements within two days of the meeting reaching $2.3 billion, Antara News reported.

“This is a remarkable (achievement) that has been recorded in a short period of time,” Trade Minister Enggartiasto Lukita noted in a joint statement with Foreign Minister Retno Marsudi on the sidelines of the IAF in Bali on Wednesday.

On the first day of the forum (Apr 10), as many as 10 trade agreements valued at $586.56 million were signed.

The business agreements were signed by Indonesia Eximbank and African Exim Bank; Indonesia Eximbank and Standard Chartered; Indonesia Eximbank and Commercebank; state aircraft manufacturer PT Dirgantara Indonesia and A.D. Trade Belgium; as well as state-owned shipbuilder PT PAL and A.D. Trade Belgium.

Also Read: 5 Thousand Investors to Attend IMF-WB Annual Meeting in Bali

Moreover, state-owned construction firm PT Wijaya Karya (Wika), Indonesia Eximbank, and Chief of Cabinet Nigeria; state-run tin mining company PT Timah and Topwide Ventures; textile manufacturer PT Sri Rejeki Isman and Global Textile; GMF Aero Asia, Max Air and Ethiopian Airlines; as well as state trading firm PT Perniagaan Internasional and Madaranch Madagascar inked business agreements.

The IAF also concluded the announcement of business plans from 11 Indonesian companies, with a potential trade value reaching Rp1.3 billion, such as PT Wika in Algeria, Nigeria, and Mozambique; PT PAL Indonesia in Gabon, Guinea Bissau, and Senegal; state energy company Pertamina in Nigeria; as well as state-owned train manufacturer PT INKA in Zambia.

Also Read: Indonesia's Poverty Rate Down on Lower Inflation and Labor Pay Hike

In addition, cooperation was forged between Indonesia Eximbank and ICIEC in 24 countries and Ethiopian Airlines for operating direct flights on the Addis Ababa-Jakarta route.

Lukita believes the forum serves as an effective platform to penetrate the African market, which is new for Indonesian companies and business players.

“The participating countries have even requested that this forum be held regularly,” he noted before grinning. (T/RS5/RS1)

Mi’raj Islamic News Agency (MINA)