Indonesia and Myanmar have explored trade and investment potential in both countries to optimize bilateral economic cooperation, Chairman of the Indonesian Chamber of Commerce and Industry (Kadin) Rosan P. Roeslani said.
"Business matching would need to be continued between Indonesian and Myanmar`s investors. We have huge potential for cooperation," Roeslani said in Jakarta on Wednesday.
Kadin held a business meeting with Myanmar on the sidelines of the visit of its Minister for Union Government, U Thaung Tun, to Indonesia. Myanmar was the 42nd largest trade partner of Indonesia in 2017, with total trade value reaching US$975 million, increasing from $729 million in 2016. Indonesia`s export to Myanmar has increased from $615 million in 2016 to $829 million in 2017, while its import increased from $113 million in 2016 to $142 million in 2017. Indonesia has enjoyed a trade surplus with Myanmar, with its main export of palm oil, paper, fuel oil, and coal.
Roeslani remarked that the bilateral trade has faced some challenges, such as the absence of export product complementarity; lack of direct transportation, which has affected supply continuity; and complicated licensing system for export and import. On the other hand, the two countries have a large potential for trade, with negotiable price, quality, and payment methods for some agriculture commodity products.
According to Roeslani, Myanmar should give Indonesian businessmen the opportunity to expand their market to the country, as both are ASEAN members. Indonesia and Myanmar have recorded a relatively small amount of investment. Myanmar?s investment in 2017 was only recorded at $600 thousand in three projects, while Indonesia`s investment during the period had reached some $200 million. ( ant )