Foreign Minister Retno Hopes for RI-Lithuanian Trade to Increase
Bilateral trade between the two countries increased by nearly 43 percent.
REPUBLIKA.CO.ID, JAKARTA - Indonesian Foreign Minister Retno Marsudi in Jakarta on Monday (30/10/2023) expressed his hope that two-way trade between Indonesia and Lithuania could increase.
“In the first half of the year, bilateral trade between the two countries increased by almost 43 percent from the same period a year earlier. However, our bilateral trade volume has not shown its true potential,” Retno said after a bilateral meeting with Lithuanian Foreign Minister Gabrielius Landsbergis in Jakarta on Monday.
According to the Ministry of Commerce of the Republic of Indonesia, the bilateral trade value of Indonesia-Lithuania amounted to 53.7 million US dollars in 2022 with a trend of trade balance deficit of 5.12 percent during 2018-2022.
In order to increase two-way trade and ensure a more balanced trade, Retno requested the support of Minister Landsbergis in facilitating more Indonesian products to enter the Lithuanian market, including rubber products, paper, and wood-based furniture.
Retno also welcomed the presence of palm oil, which is one of Indonesia's main export commodities to Lithuania.
“With nearly 800 plantations in Indonesia already certified by ISPO, I am confident that Indonesia can provide more sustainable palm oil to Lithuania and the wider European market,” he said.
In an effort to strengthen business-to-business relations, Minister Retno welcomed the plan to sign a memorandum of understanding between the Indonesian Chamber of Commerce and Industry and the Lithuanian Confederation of Industry, which will be implemented on the sidelines of the visit of Foreign Minister Landsbergis in Jakarta.
While in the field of investment, Indonesia also appreciated the expansion of Lithuanian aviation industry investments in Bali's I Gusti Ngurah Rai International Airport, and the country's new charter airlines and air freight services.
During the meeting held at the same time to commemorate 30 years of Indonesia-Lithuania bilateral relations, the two ministers also discussed efforts to increase cooperation in the sectors of information technology, LNG and renewable energy, agriculture, and space technology.
“Both countries share a common interest in diversifying supply chains, strengthening cybersecurity, and enhancing our resilience to hybrid threats,” Landsbergis said. Landsbergis also reiterated Lithuania's support for the Indonesia-EU Comprehensive Economic Partnership Agreement (IEU-CEPA), which is still being negotiated.
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