JAKARTA: Indonesia and the United Arab Emirates (UAE) on Thursday (Sep 2) launched negotiations for a deal to increase the scale of trade and investment between the two nations, senior officials said.
The proposal aims to boost two-way trade by up to 10 times from the US$2.93 billion recorded in 2020, the UAE's foreign trade minister Thani al-Zeyoudi told a virtual briefing.
Indonesian counterpart Muhammad Lutfi said they were aiming to reach a deal within a year.
Indonesia has sought to lure business from the Gulf state, including investment in its newly established sovereign wealth fund, into which the UAE earlier this year said it would invest US$10 billion.
More UAE investment plans were expected to be announced in November when Indonesian President Joko Widodo visits the country, the Emirati minister added.
Indonesia hopes to boost exports of stainless steel, automotive products, gold jewellery, halal products and Islamic fashion to the UAE.
"We should see the UAE not just as true friend of Indonesia, but also as a gateway for non-traditional markets in Africa," Lutfi said.
Al-Zeyoudi said the region would also like to import from agriculture and food products from Indonesia, including palm oil.