Asia China Indonesia News

Indonesia, China to Increase Trade, Investment Cooperation: Minister

Tangerang (ANTARA) – Indonesia and China have agreed to increase trade and investment cooperation, Trade Minister Zulkifli Hasan has said.

He delivered the remarks after accompanying President Joko Widodo (Jokowi) to a meeting with Chinese President Xi Jinping at the Great Hall of the People in Beijing, China, on Tuesday.

“There was the signing of ten investment collaborations in various fields, including defense, electric cars, energy security, and cooperation on village development and poverty alleviation,” the minister said in a statement received here on Wednesday.

According to him, President Widodo discussed four points with President Xi during the meeting. The first point concerned efforts to increase investment cooperation, especially in electric vehicle and automotive batteries, spare parts factories, petrochemical refineries, steel production, and developing halal centers.

Widodo also called for follow-up cooperation to develop the Two Countries, Twin Parks economic corridor.

He lauded bilateral trade, which has continued to grow and remain balanced. He also asked for China’s support in the export of Indonesia’s priority products such as swallow nests, fishery products, agriculture, and tropical fruits.

Touching upon financial cooperation, he expressed his support for a plan for the establishment of local currency transactions via cross-border QR to ease exports-imports and investment.

President Widodo said he hopes for China’s support in implementing collaborative electricity cooperation between the two nations since energy security is one of the sectors that can continue to be strengthened, in line with the addition of new renewable energy (EBT) plants of 60 GW in Indonesia until 2040.

Furthermore, Indonesia’s head of state called for an increase in tourist visits from both countries through efforts such as increasing direct flight frequency to China and increasing scholarships and vocational training for Indonesian students.

Minister Hasan said that President Widodo’s working visit to China helped generate trade agreements between business actors from the two countries.

“At the Indonesia-China Business Forum on October 16 (2023), there was a trade potential of almost US$13 billion signed by business actors from both countries,” he informed.