Sumedi noted that the increase in trade value was partly influenced by the implementation of the Indonesia-United Arab Emirates Comprehensive Economic Partnership Agreement (IUAE-CEPA) that took effect on September 1, 2023.
"I can target, maybe, in the next two to three years, it could reach US$10 billion," he remarked after attending a Dubai Chamber event in Jakarta on Monday.
He underscored the need for the two parties to support one another in the trade sector.
Moreover, Dubai is considered as a hub to connect Indonesia with countries in the Middle East, Africa, and other nearby countries, Sumedi stated.
In addition, he accentuated the importance of Indonesia and Dubai increasing the trade volume, through various sectors ranging from trade diversification to services trade transformation, in order to realize this target.
"If we look at the trade map and data on potential trade between Indonesia and Dubai, this is very large," he remarked.
He noted that in 2021, the trade value between Indonesia and Dubai had reached US$4 billion and then increased to US$5 billion in 2022 and thereafter dropped to US$3.5 billion in 2023.
Sumedi attributed the decline in trade value in 2023 to the decrease in commodity prices. However, the trade value started to increase significantly in January and February 2024.
He also expressed hope that in 2024, Indonesia and Dubai would expand trade cooperation through investment and the service sector.
"Apart from opening up the market and trade sector, we also asked Dubai to open the investment and service sector," he remarked.
Meanwhile, President & CEO of the Dubai Chamber, Mohammad Ali Rashed Lootah, stated that Indonesia is home to one of the most diverse economies in Southeast Asia with huge potential.
He highlighted the high level of enthusiasm among members of the Dubai Chamber exploring future investments and partnerships, building a local presence, and strengthening engagement with new trading partners with Indonesia.
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Translator: Maria Cicilia G P, Resinta Sulistiyandari
Editor: Rahmad Nasution
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