Heaptalk, Jakarta — One of the three chambers of commerce operating under the Dubai Chamber, Dubai International Chambers, hosted numerous bilateral business meetings between Indonesian and Dubai companies during the early stage of a week-long trade mission to Southeast Asia.
According to Mohammad Ali Rashed Lootah, the President and CEO of Dubai Chambers, the Jokowi-led country possesses tremendous potential for development. Moreover, Dubai’s non-oil and gas trade with Indonesia has grown by 53.6% over the past decade, increasing from USD2.3 billion in 2014 to USD3.5 billion in 2023. Lootah explained that the trade value reflects the strength of bilateral trade relations between these markets.
Moreover, bilateral trade and investments were amplified by the Indonesia-United Arab Emirates Comprehensive Economic Partnership Agreement (IUAE-CEPA) approval last year. Lootah also said the trade agreement removes tariff barriers for goods and services. Therefore, he affirmed that annual bilateral trade between non-oil and gas will increase to USD10 billion in 2029.
“Our trade mission in Indonesia aims to bring together the Indonesian-Dubai business community to develop a better understanding of each other’s market potential. In five years ahead, the annual bilateral non-oil trade is projected to reach US$10 billion for five years ahead,” added Lootah.
By the end of 2023, around 99 Indonesian companies had registered as members of the Dubai International Chambers. As of the first quarter (Q1) of 2024, around 15 Indonesian companies joined the Dubai Chamber, bringing the total number of companies incorporated into this trade chamber to about 114 today.
Dubai International Chambers has also identified several sectors with high potential for export from Indonesia to Dubai, such as wood panels, wood slabs, palm oil, clothing, and cocoa butter. Further, this trade chamber also revealed the most promising sectors in the archipelago among Dubai’s investors, including automotive, construction, and agriculture, specifically exports of tropical fruits.
“This growth reflects the great interest in Dubai among the Indonesian business world. The country is home to the most diverse economy in Southeast Asia. We are in your fantastic country to help Dubai companies connect with promising opportunities.” Lootah said.