Jakarta (ANTARA) - Deputy Minister of Trade Jerry Sambuaga expressed belief that Kuwait is a potential export market for Indonesia since the gulf state meets almost 95 percent of its domestic needs through imports.

Sambuaga remarked that Indonesia and Kuwait can optimize plenty of channels to intensify their bilateral relations, including the Indonesia Trade and Tourism Forum and Exhibition (ITTFE) that took place at the Kuwait Chamber of Commerce and Industry, Kuwait City, Kuwait, on Tuesday (November 14).

"This (ITTFE) is a very good strategy, as it can help us expand market diversification. It also facilitates Indonesian companies to progress further and boost their exports to Kuwait," he noted in a statement received in Jakarta on Thursday.

The Ministry of Trade and the Indonesian Embassy in Kuwait City collaborated to organize the ITTFE, with the objective of facilitating Indonesian business actors to promote their products to potential business partners in Kuwait.

Sambuaga noted that currently, the Government of Kuwait is striving to realize the vision of New Kuwait 2035, envisioning the country as the center for financial and trade activities in the Middle East.

In the 2023-2024 period alone, the executions of as many as 107 mega projects are and will be on in Kuwait, he affirmed.

"Moreover, the Kuwaiti Government is currently putting efforts to apply the New Agricultural Concept that is in line with food resilience as one of the government's priority programs," he remarked.

According to data from the Trade Ministry, the total value of trade between Indonesia and Kuwait stood at US$315.81 million in 2022, with Indonesia recording a surplus of US$27.12 million.

During the January-September 2023 period, bilateral trade between both nations was valued at a total of US$405.59 million, thereby translating to an increase of 84.82 percent as compared to that during the same period last year.

The total value of Indonesia's exports to Kuwait stood at US$187.99 million during the January-September 2023 period, or a hike of 52.08 percent as compared to the figure recorded last year.

Indonesia mostly exports 1,000-3,000 cc vehicles, valves, block boards, lamin boards, battens, and wood pulp to Kuwait.

Meanwhile, the value of Indonesia's imports from Kuwait was recorded at US$217.60 million during the same period, recording a significant increase of 127.05 percent as compared to last year.

Kuwait's main export commodities to Indonesia include sulfur, cyclic hydrocarbons, ethylene polymers, and liquid pumps and elevators.

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Translator: Maria C, Tegar Nurfitra
Editor: Azis Kurmala
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