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Indonesia strengthens trade ties with European countries

Jakarta (VNA) – Indonesia’s Ministry of Foreign Affairs on October 7 kicked off the Indonesia-Europe Business Forum (IEBF) 2024, which brings together over 200 Indonesian entrepreneurs and European partners.

The forum serves as a platform for Indonesia to introduce its products and services to European companies, and is also expected to help the country expand its trade relations with non-EU countries. Priority sectors at the event include technology and innovation, green economy, tourism, creative industries, and health care.

Indonesia's Vice Minister of Foreign Affairs Pahala Nugraha Mansury emphasised that accumulated trade between Indonesia and Europe exceeded 370.5 billion USD in the past decade (2014-2023).

Indonesia is positioning itself as a vital market and investment destination for European companies, as well as a gateway to the broader markets of Asia and Southeast Asia. Beyond shared economic benefits, the forum aims to strengthen ties between Indonesia and European nations, he noted.

Shinta Kamdani, Chairwoman of the Indonesian Employers Association (Apindo), noted that the IEBF offers an opportunity for Indonesian entrepreneurs to better understand the untapped potential of the European market. Indonesia has signed a Comprehensive Economic Partnership Agreement (CEPA) with the European Free Trade Association and is currently negotiating another CEPA with the European Union, which could deepen economic relations further.

Taking place on October 7-8, the forum is expected to reach business cooperation agreements worth 1 billion USD, with multiple memoranda of understanding already signed in such fields as medical equipment, pharmaceuticals, healthcare, and green energy on the opening day.

An exhibition showcasing products and services from both Indonesian and European businesses also forms part of the event./.

VNA
#Indonesia #European countries #Indonesia-Europe Business Forum #European Free Trade Association #European businesses #Indonesian entrepreneurs Indonesia European Union
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