Jerry Sambuaga, the Deputy Minister of Trade for Indonesia, has expressed confidence in Kuwait as a promising export market for Indonesia, given that Kuwait relies on imports for approximately 95 percent of its domestic needs.
Sambuaga highlighted the potential for enhancing bilateral relations between Indonesia and Kuwait through various channels, such as the Indonesia Trade and Tourism Forum and Exhibition (ITTFE). This event, held at the Kuwait Chamber of Commerce and Industry, serves as a strategic platform to expand the market and facilitate Indonesian companies in making further strides and boosting exports to Kuwait.
In Jakarta today, Sambuaga stated, “This forum is a good strategy because it can help us expand the market. It also makes it easier for Indonesian companies to achieve further progress and enhance their exports to Kuwait.” The Ministry of Commerce and the Indonesian Embassy in Kuwait City collaborated to organize the ITTFE, aiming to assist Indonesian trade entities in promoting their products to potential business partners in Kuwait.
Sambuaga emphasized that Kuwait is actively pursuing the New Kuwait Vision 2035, envisioning the country as a hub for financial and commercial activities in the Middle East. He pointed out that Kuwait has plans to implement 107 mega projects in the period 2023-2024. Additionally, the Kuwaiti government is working on a new agricultural concept aligned with food flexibility as a priority program.
According to data from the Ministry of Commerce, the total trade value between Indonesia and Kuwait was $315.81 million in 2022, with Indonesia recording a surplus of $27.12 million. From January to September 2023, bilateral trade reached $405.59 million, marking an 84.82 percent increase compared to the same period the previous year. Indonesia’s exports to Kuwait during this period amounted to $187.99 million, reflecting a 52.08 percent increase.
Indonesia primarily exports items such as 1,000 to 3,000 cc compounds, valves, block plates, sheet plates, beams, and wood pulp to Kuwait. Meanwhile, Indonesia’s imports from Kuwait totaled $217.60 million during the same period, indicating a significant increase of 127.05 percent compared to the previous year. Kuwait’s major exports to Indonesia include sulfur, cyclic hydrocarbons, ethylene polymers, liquid pumps, and elevators.
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