RIYADH, 17 August 2007 — Senior Indonesian official Sintoyo who heads the commercial section of the local Indonesian embassy, said that the trade and investment relations between Indonesia and Saudi Arabia have been progressively growing. Sintoyo said that “our exports are keys to the continued growth of the Indonesian economy.”
“Reforms and deregulations undertaken in the trade sector have led to the reduction in income tax,” said the official, while speaking on the occasion of Indonesia’s national day.
Referring to the growing trade relation between Riyadh and Jakarta, the trade attaché said that the total Indonesian exports to Saudi Arabia reached $672 million in 2006, while imports exceeded $3.4 billion. The balance of trade has been in favor of the Kingdom.
Referring to the plans to expand trade relations, he said that under the control of the Indonesian Department of Trade, the National Agency for Export Development (NAFED) will continue working to expand markets and increase export promotions overseas.
Moreover, the Saudi economy, which has shown an impressive growth during the last few years because of the strong oil revenue, is a boon for brotherly countries like Indonesia, he said. “Hence, we stress the need of promoting cooperation on all fronts between Indonesia and Saudi Arabia for our mutual interest,” said the official, adding that this cooperation will go a long way in strengthening and developing trade ties as well as expanding and diversifying commercial exchanges.