Russia supports Indonesias ambitious infrastructure development project

Moscow (ANTARA News) – Russia supports Indonesias ambitious program for infrastructure development as it would help facilitate flows of goods and investment from abroad including from Russia, a Russian official said.

Adequate availability of infrastructure would help facilitate flows of goods from Russia needed in the implementation of economic cooperation between the two countries, Russian Deputy Trade Minister Oleg Ruanzantsev said in a Russian-Indonesian Business forum here on Friday.

Oleg Ruanzantsev said he was confident that Indonesia would rank among leading countries in infrastructure development.

He said Russia has economic interest in investment development in Indonesia in various sectors such as infrastructure, energy , trade and industry.

“Strengthening cooperation is the key word,” Oleg said addressing a session of the business forum attended by Indonesian Trade Minister Enggartiasto Lukita, Ambassador M Wahid Supriyadi, chairman of the Jakarta branch of the Indonesian Chamber of Commerce Eddy Kuntadi, and Director of ASEAN Center of MGIMO University of Russia Prof Dr Victor Sumsky.

Oleg said the Russian government is ready to help Indonesia accelerate its infrastructure development.

Meanwhile, Enggartiasto Lukita said establishment of Indonesia-Russia Preferential Trade Agreement (PTA) and Indonesia-Eurasia Free Trade Agreement (FTA) (FTA) could creates balance in trade with Russia and Eurasian countries.

Trade between Indonesia and Russia last year was valued at US$2.11 billion favoring Indonesia with a surplus of US$411 million . The trade value rose from US$1.9 billion in 2015.

Indonesias exports of commodities outside oil and gas to Russia grew 8.5 percent in the past five years . Last year exports were valued at US$1.3 billion.

In the first five months of the year, trade between the two countries grew 54.43 percent year-on-year to US$1.12 billion. Indonesia was favored with a surplus of US$77.45 million from exports of US$599.97 million and imports of US$522.52 million.

Indonesias export commodities to Russia include palm oil and derivatives, coffee, rubber, coconut oil and cacao.

Cooperation agreements were signed by Jakarta Chamber of Commerce and Industry (Kadin) and Moscow Kadin and between private companies of the two countries .

Source: Antara News