Sambuaga stated that retail stores are a place to market products from Indonesia.
"We believe that Indonesia can still increase exports to Russia, considering that the trend of Indonesian exports to Russia over the last five years (2019-2023) has increased by 4.71 percent," Sambuaga noted in a statement from the ministry in Jakarta on Wednesday.
"Retailer Magnit, which has 30 thousand branches in Russia, has great potential to receive and distribute Indonesian products," he remarked.
Sambuaga believes increasing Indonesian exports to Russia is important. During the meeting, he also visited one of Magnit's branches and held discussions with several Russian buyers.
Magnit is one of the top food retail chains in Russia based on the number of stores and geographic coverage. Magnit employs a multiformat model that encompasses convenience stores, drugstores, supermarkets, and pharmacies.
Sambuaga also emphasized that Indonesia supports cooperation in guaranteeing halal products with Russia, as it has been quite active in conducting promotional activities for halal products, such as holding the Russia Halal Expo at the Kazan Forum 2023.
"This partnership is not just about trade but also about fostering deeper economic relationships that can stand the test of time and global economic shifts," he affirmed.
Sambuaga earlier met with representatives of the Yandex technology company. Yandex has the largest search engine on the internet in Russia and is the fifth-largest search engine in the world after Google, Baidu, Bing, and Yahoo!.
The deputy minister conducted consultations and exploration in promoting Indonesian products in Russia via the Yandex search engine.
On the other hand, Indonesia's imports from Russia showed a growth of 22.24 percent during the 2019-2023 period.
Indonesia's main imports from Russia in 2023 included bituminous coal, worth USD495.6 million; steel, USD389.6 million; fertilizer, US$338.1 million; cereals, USD274.8 million; and asbestos, USD45.03 million.
Meanwhile, data from the Investment Coordinating Board shows that Russia is Indonesia's 23rd source of foreign direct investment (FDI).
Russia had 3,965 projects in Indonesia in 2023, or an increase of 719.2 percent, as compared to 2022. The investment sector includes housing, industrial and office areas, other services, as well as hotels and restaurants.
Related news: Indonesia explores strengthening of cooperation in fishery with Russia
Related news: Jokowi supports UN's initiative on Ukraine's food export resumption
Translator: Maria CIcilia Galuh Prayudhia, Cindy Frishanti Oct
Editor: Rahmad Nasution
Copyright © ANTARA 2024
