Indonesia, US bilateral economy projected at US$131.7 billion

Jakarta (ANTARA News) - The US Chamber of Commerce in Indonesia (AmCham Indonesia) has projected the total value of bilateral economic cooperation between the two countries to reach US$131.7 billion in 2019, jumping 46.2 percent within five years.

"Indonesia and the United States have a relationship that contains a long history. But not many who understand that relationships are able to guess what it is worth," the Chairman of the International Affairs at the US Chamber of Commerce, Myron Brilliant, said here on Thursday.

The US Chamber of Commerce said the total value of bilateral economic cooperation between Indonesia and the United States reached US$90.1 billion in 2014, equivalent to 10 percent of Indonesias gross domestic product (GDP).

"This data briefly describes how great the economic relations between the two countries are," Myron said.

The trade value of US$90.1 billion not only contains foreign direct investment, but also trade, domestic sales, financial income and government revenues.

"The partnership between Indonesia and the US has given the government and business entities an important platform," the President of AmCham Indonesia, Brian Arnold, said.

The US Chamber of Commerce notices that the government of Indonesia is now taking economic reforms, but still needs to continue and develop processes to achieve the expectations.

The main priorities for the development include legal certainty, collaboration, innovation, and policy reform.

Since the beginning of diplomatic relations between Indonesia and the US, the two countries have worked together and become important partners to each other in various sectors, particularly in economy, education and culture.

The value of investment foreign investment realization of the US based on the Investment Activity Report in 2015 reached US$893 million consisting of 261 projects which dominated by mining sector.

Earlier, business deals that would be announced and signed amounted to US$20.25 billion have been agreed during the visit of President Joko Widodo at the US Chamber of Commerce office in October 2015.(*)