Indonesia, Japan's Wakayama Prefecture Agree to Boost Trade

A worker walks between shipping containers at a port in Tokyo. Nus Nuzulia Isak, the director general for exports at the Indonesian Ministry of Trade, and Yoshinobu Nisaka, the governor of Japan's Wakayama prefecture, signed a trade-promotion agreement in Jakarta on Tuesday (19/04). (Reuters Photo/Thomas Peter)

By : Ratri M. Siniwi | on 9:22 PM April 19, 2016
Category : Business, Economy

Jakarta. Nus Nuzulia Isak, the director general for exports at the Indonesian Ministry of Trade, and Yoshinobu Nisaka, the governor of Japan's Wakayama prefecture, signed a trade-promotion agreement in Jakarta on Tuesday (19/04).

"We will provide support for both countries' export promotion and enhance trade relations between Indonesia and Japan," Nus said in a statement.

The partnership will allow the exchange of information, organization of seminars, participation in international exhibitions, organization of trade missions, product development and other mutually agreed activities.

In the first two months of 2016, the value of trade between Indonesia and Japan stood at $4.68 billion, down 19.48 percent compared to the same period last year. Indonesia's non-oil and gas exports reached $2.16 billion, while imports amounted to $1.93 billion.

"This strategic partnership is important to Indonesia, as Japan is a big market for Indonesian exports. In 2015, Japan ranked as Indonesia's number-three export destination, after the United States and China," Nus added.

According to Nus, Indonesia needs to seize this opportunity, as the Wakayama prefecture is an important hub for tourism, manufacturing and the chemical industry.

He believes Indonesia is more than capable of exporting a wide range of furniture, home décor and spa products to hotels and resorts around Wakayama, as well as halal products.

"This collaboration has strengthened bilateral relations between Japan and Indonesia, especially in economy and culture," Governor Yoshinobu said.

The government of the Wakayama prefecture is also looking at possible investment opportunities in Indonesia's vegetable oil industry.

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