Jakarta (ANTARA News) - The Trade Ministry expressed its optimism of realizing the target of US$1.5 billion in total transactions during the international trade exhibition of the Trade Expo Indonesia (TEI) held in Tangerang, Banten.

"The amount can increase at the end of TEI," Trade Minister Enggartiasto Lukita noted in his report at the opening of the TEI 2018 at the Indonesia Convention Center in Bumi Serpong Damai, Tangerang, on Wednesday.

The minister disclosed that the main focus for holding the TEI was long-term business transactions at the international level.

"The TEI is aimed at increasing Indonesian exports in the international market," he said.

The event, opened by President Joko Widodo, will be held on Oct 24-28 based on the theme of Creating Products for Global Opportunity.

The trade expo is expected to witness the signing of 68 buying contracts with various countries, including South Korea, Australia, Saudi Arabia, Belgium, France, Austria, China, the Netherlands, and Spain.

According to Enggartiasto, the total value of the contracts is expected to reach $5.19 billion comprising $513.97 million of trade transactions and $4.68 billion of investment.

As of Oct 23, as many as 8,313 buyers from 124 countries have registered to participate in the event, of which 10 countries -- Nigeria, Malaysia, China, Japan, India, Saudi Arabia, Thailand, Australia, Afghanistan, and Pakistan -- have the largest number of buyers.

"As of Oct 23, some 7,127 requirements for Indonesian products were recorded at the TEI 2018. The largest demand, so far, is for food and beverage products, fashion, lifestyle, and beauty products, manufacture and services, furniture, and park furniture," the minister elaborated.

The ministry has worked on cooperation with the Foreign Affairs Ministry to invite foreign buyers through its 132 foreign representatives abroad, 22 trade attach?s, 18 Indonesian Trade Promotion Center, one Indonesia Trade and Economic Office, and one trade consulate, in addition to the foreign chamber of commerce.

Reporting by Sella Panduarsa Gareta
Editing by sri Haryati, Rahmad

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