He extended the invitation during a meeting with Vietnam’s Industry and Trade Minister, Nguyen Hong Dien, in Hanoi on Thursday. The meeting was a part of the minister’s agenda while he accompanied President Joko Widodo on a state visit to Vietnam.
“We invite Vietnam’s Ministry of Industry and Trade to maintain a discussion with us to strengthen this cooperation and collaboration,” Minister Kartasasmita said in a statement received here in Jakarta on Friday.
He highlighted that Indonesia has a large market in the automotive sector. Car ownership in Indonesia is pegged at 19.1 million units, and motorcycle ownership at 128 million units.
Furthermore, the projected demand for electric vehicle batteries in Indonesia is expected to climb in the coming years.
Minister Kartasasmita expressed the hope that the two countries would support each other at the ASEAN Industry Ministries’ Meeting, which is held yearly, because the potentials and challenges in the industry sector are expected to become even more visible.
Indonesia currently ranks among the world’s top ten manufacturers, with global manufacturing output value of 1.4 percent, according to data released by Safeguard Global. Meanwhile, according to World Population Review Data, Indonesia ranks 12th and Vietnam 23rd.
As of November 2023, Indonesia’s capital investment in Vietnam reached US$651.21 million with a total of 120 projects. In terms of investment realization, Indonesia ranked fifth among ASEAN countries with capital investments in Vietnam.
Indonesia is also a destination for Vietnam investors seeking to invest in the industry sector. In 2023, Vietnam’s investment realization in Indonesia increased to US$1.5 million, or up 6.1 percent compared to the previous year.
Investment in the industry sector flowed into paper and printing industries as well as the base metal, metal goods, non-machinery and equipment industry.
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Translator: Yuni Arisandy Sinaga
Editor: Azis Kurmala
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