Senin 08 Jan 2024 22:16 WIB

Indonesia's Economic Diplomacy Delivers Concrete Achievements

Indonesia is also taking a number of steps to improve market access.

Indonesian Foreign Minister Retno Marsudi
Foto: AP Photo/Achmad Ibrahim
Indonesian Foreign Minister Retno Marsudi

REPUBLIKA.CO.ID, BANDUNG -- Indonesian Foreign Minister Retno Marsudi said Indonesia is conducting economic diplomacy amid the current difficult world situation. Nevertheless, Indonesia's economic diplomacy is still able to achieve many concrete achievements.

“Indonesia's trade with the world in 2014 was more than USD 355 billion. In 2023, the January-November trade volume was recorded in excess of USD 439 billion. That means an increase of almost 24 percent and a surplus of more than USD 33 billion,” Foreign Minister Retno Marsudi said at the event of the Indonesian Minister of Foreign Affairs (PPTM) 2024 Annual Press Statement at Gedung Merdeka, Bandung, Monday (8/1/2024).

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Realization of foreign investments also increased from the initial USD 28.5 billion in 2014. In the period from January to September 2023, the value of incoming investments has reached more than USD 37 billion or more than 32 percent.

Indonesia has also taken a number of steps to improve market access and reduce trade barriers. There are 27 trade and economic agreements successfully completed in the form of both PTA, FTA, CEPA and RCEP, including with Korea, Australia, Mozambique, PEA and Chile. A number of Trade Protocols have also been finalized, particularly for agricultural and fishery products.

Various new initiatives are also being implemented to strengthen Indonesia's economic partnerships in various regions, including by involving the private sector. With other African countries, for example, Indonesia established the Indonesia-Africa Forum and the Indonesia-Africa Infrastructure Dialogue.

“Economic diplomacy has also been strengthened at the UN, G20 and ASEAN forums involving state-owned enterprises and the private sector,” said the foreign minister of Gadjah Mada University.

At the G20 in 2022, Indonesia launched G-to-G Concrete Deliverables with 361 projects worth more than USD 71 billion. And, this is the first initiative to happen at the G20.

When it became ASEAN Chair in 2023, Indonesia initiated the ASEAN-Indo-Pacific Forum which resulted in 93 cooperation projects worth more than USD 38.2 billion. A total of USD 13.5 billion is in Indonesia's healthcare, mineral processing, and privately owned finance.

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