Indonesia Africa Business Forum 2018 (Photo: Ministry of Trade)

JAKARTA (TheInsiderStories) – Dozens of companies from Indonesia and Africa have signed a number of business deals worth US$586.56 million in total during Indonesia-Africa Forum 2018 that was held in Nusa Dua, Bali on April 9-10.

There are ten business deals that were the fruits of the forum:

  • Business cooperation between Indonesia Eximbank and The African Export-Import Bank worth $100 million
  • A deal between Indonesia Eximbank and Standard Chartered Bank valued at $100 million
  • A deal between Indonesia Eximbank and Commerzbank worth $122.8 million
  • Business agreement between state-owned aviation company PT Dirgantara Indonesia and A.D. Trade Belgium worth $75 million
  • A deal between state-owned shipbuilder PT PAL and A.D. Trade Belgium worth $110 million
  • A deal between PT Wijaya Karya Tbk (IDX: WIKA), Indonesia Eximbank, and Chief of Cabinet of Republic of Nigeria worth $26,7 million
  • A deal between state miner PT Timah Tbk (IDX: TINS) and Topwide Ventures Ltd. worth $25.5 million
  • Private owned textile producer PT Sritex Rejeki Isman Tbk (IDX: SRIL) and Amirco Commercial Sevices (Global Textile) worth $20 million
  • PT GMF AeroAsia Tbk (IDX: GMFI), Max Air, and Ethiopian Airlines worth $3.7 million
  • PT Perusahaan Perniagaan Internasional and Madaranch Madagascar worth $3 million

Vice President Jusuf Kalla said Indonesia and Africa have great potential to develop and strengthen economy, since Africa is a new market for a number of Indonesian products.

During his opening speech at the forum on Tuesday, Kalla said such meeting is important to increase trade and economic cooperation.

“To develop cooperation with Africa is one of the priorities of Indonesia’s foreign policy,” he remarked.

As the second growing economy in the world, Africa has many hidden potential.

Government expects the trade relationship between Indonesia and Africa will continue to strengthen as reflected in the trade volume between the two sides, which has reached $8.84 billion in 2017, up 15.25 per cent from 2016.

Indonesia imported oil, cocoa and other commodities from Africa and Africa imported crude palm oil, vehicles and consumer products such as instant noodle from Indonesia. In addition, African companies have also invested around $1.7 billion in 2017.

President Joko Widodo has instructed to transform the political relationship with Africa, which was built since Asia-Africa Conference 1955, into a real economic relationship that emphasizes the improvement of investment, technical partnership, and eliminates trade barriers.

At the G20 leaders meeting in Hamburg in July 2017,  Widodo affirmed the support of Indonesia to the development of a partnership which equals to G20-Africa and the achievement of Agenda 2063 in Africa through ‘Compact with Africa’.

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