Indonesia seeks closer ties with EAEU

Jakarta (VNA) – Indonesia’s Minister of Trade Muhammad Lutfi said it is a strategy of the country to enhance cooperation with the Eurasian Economic Union (EAEU), comprising Russia, Armenia, Belarus, Kyrgyzstan, and Kazakhstan.

Indonesia faces new challenges in entering the global value supply chain in order to create prosperity, said Lutfi at the "World Expos and International Cooperation as a Driver of Sustainable Global Development" and "EAEU-ASEAN Business Dialogue” at the St Petersburg International Economic Forum (SPIEF).

He noted that Indonesia was upgraded to an upper-middle economy in 2018, but it is facing new challenges. Before its demographic bonus runs out in 2038, Indonesia must be able to triple per capita income to around 12,500 USD per year, he said. Otherwise, the country will be stuck in the middle-income trap.

With the potential of a young population, Indonesia needs strong economic actors to become a developed country in 2045, said Lutfi.

He said Indonesia took two major steps, namely increasing investment in infrastructure and encouraging technology transfer. Other ASEAN member countries have also taken similar moves.

 

Indonesia is committed to mutually developing trade and investment with EAEU countries, he said, adding “we are also committed to fair and mutually beneficial trade.”/.