A woman walks on the sidewalk of a street in Jakarta, Indonesia, Aug. 5, 2021. Photo: Xinhua/Veri Sanovri
JAKARTA (Xinhua): Indonesia is targeting Russia as a new potential market for trade and investment against the backdrop of the imposition of the so-called U.S. reciprocal tariffs.
Chairman of the Indonesian Chamber of Commerce and Industry (KADIN) Anindya Bakrie told local media on Wednesday that the Russian market has the potential to increase trade.
Through trade cooperation, he said, it will open up investment opportunities from Russia so that Indonesia can have an alternative market for trade and investment.
"Indonesia certainly continues to look for markets to trade and also look for ways to invest in each other," Bakrie said.
At present, Indonesia is opening up investment opportunities for Russia in its Special Economic Zones across the country.
According to Bakrie, Indonesia has so far bought palm oil, various types of machinery, rubber, footwear, coffee, and tea from Russia. Meanwhile, Russia buys fertilizers and various marine commodities from Indonesia.
On Tuesday, Indonesia and Russia signed a memorandum of understanding (MoU) in the sectors of trade, economics, and investment.
The signing is part of the Indonesian government's commitment to expanding trade markets while strengthening strategic partnerships with partner countries, including Russia. - Xinhua
