The Vice Minister of Trade asserts that Kuwait represents a substantial market for Indonesia, given that nearly 95% of its domestic needs are supplied from abroad, during his participation in the Indonesia Trade and Tourism Forum and Exhibition (ITTFE) at the Kuwait Chamber of Commerce and Industry (KCCI) Building in Kuwait City. He highlighted the mutual benefits in furthering the Indonesia-Kuwait relationship, emphasizing the strategic significance of the ITTFE in expanding market diversification. The event facilitates Indonesian companies, especially small and medium-sized enterprises (SMEs) and industrial players, to advance and increase exports to Kuwait, positioning Indonesia as an integral part of the global supply chain. Vice Minister Jerry pointed out that Kuwait is progressing towards its New Kuwait 2035 initiative, aiming to become a financial and trade hub in the Middle East. The government of Kuwait is actively promoting the New Agricultural Concept, aligning with its priority program for food security. In terms of trade statistics, for January-September 2023, Indonesia-Kuwait bilateral trade reached USD 405.59 million, an 84.82% increase from the same period in the previous year. Indonesian exports to Kuwait during this period amounted to USD 187.99 million, marking a 52.08% increase from the previous year. Key export commodities include vehicles (1,000-3,000 cc), valves, prepared fish, blockboards, laminboards, and wood pulp.
Indonesia ranks 27th among Kuwait's export partners, and the upward trend in Indonesian exports to Kuwait has been consistent, increasing by 0.25% from 2018 to 2022. Indonesia's imports from Kuwait for January-September 2023 reached USD 217.60 million, a 127.05% increase compared to the same period in the previous year. The ITTFE saw the participation of 39 delegations from one university and 17 companies spanning various sectors, including furniture, electronics, food and beverages, herbal products, skincare, medical equipment, and tourism. Vice Minister Jerry witnessed the signing of a Memorandum of Agreement between PT Banglele Indonesia Maju and Cross Border Co. Kuwait, focusing on aquaculture development and collaboration in herbal and health products. The Vice Minister also discussed trade enhancement and investment potentials with the Undersecretary of the Ministry of Trade and Industry in Kuwait, Zyad Abdullah Alnajem. Indonesia is actively preparing for digitization, and Kuwait is encouraged to participate in digital investments in Indonesia, such as the development of base transceiver stations (BTS) in remote areas.
