BANTEN, Indonesia – 24 October 2018: Six Egyptian companies signed a number of agreements, worth at $67.5 million, with Indonesian governmental and private companies to import food and beverage products and tires this year.
Egyptian Baraka Contracting and Trading Company signed a deal with Indonesian PT Gajah Tunggal for importing tires at a cost of $20 million.
Egyptian Haggag Company for Import and Export reached a deal with PT Asal Jaya to import coffee beans for $30 million.
El Hamad Co. for Import and Export signed a deal with PT Global Coconut, PT Global Vision for Spices and PT Van Aroma for fragrance oils worth $8 million.
Stella Co inked a deal worth $2 million with Indonesian PT Orson Indonesia to import manufacturing products of soap and noodles.
The Egyptian company also sealed an agreement with the Indonesian state-owned PTPN for importing Ethanol and glycerin for $5 million.
Egypt’s Awlad Abdel Sanad Co. signed a contract with PT Agrorina to import nutmeg, coffee beans, and spices for $2.5 million.
The deals were inked on the sidelines of the 33rd Trade Expo Indonesia (TEI) 2018 at the Indonesian Convention Exhibition in BSD City in Banten on Wednesday, Oct. 24.
“We have had problems for years that we cannot solve,” said Indonesian President Joko Widodo (Jokowi) in his speech during the inauguration of the exhibition.
“Indonesia is currently suffering a $3 billion trade deficit. Back to 2017, the deficit was $17.3 billion,” said President Jokowi. He added that the figures showed that exportation was greater than importation, “however, we still suffer deficit.”
The president continued that Indonesian exports from January to September recorded $122 billion with a 9.2- percent growth, compared to the same period of the last year, voicing his hope that the surplus continues in the last quarter of 2018.
“The exportation goes better and the government continues to support the incentives,” said Indonesian Minister of Trade and Industry Enggartiasto Lukita in his speech at the opening session of 2018 TEI.
During the 2018 TEI, Indonesia signed a total of 65 contracts worth $0.5 billion with 25 countries, mainly Egypt, Saudi Arabia, and Italy, Lukita said.
Egypt ranked number four among the top five countries that signed trade contracts with Indonesia in 2018, the minister added.
The signed contracts with China are worth $4.5 billion, while transactions with Thailand recorded $242 million, he said, adding that contracts worth more than $140 million have been inked with Saudi Arabia, while contracts worth $65 million and $41 million have been inked with Egypt and Italy respectively.
The minister announced the Indonesian support to Palestine, saying “upon the president’s instructions, we have provided Palestine with our full support and all the facilities to enhance the relation.”
In response to Australia’s decision to move its embassy from Tel Aviv to Jerusalem, Indonesia threatened to hold on an imminent deal with Australia, announcing that the decision could strain the bilateral relations.
The TEI tradeshow was attended by a total of 70 Egyptian businessmen. Six of them will be granted the Primaduta Award, which is an Indonesian program that aims to increase the growth of Indonesian exports worldwide.
Indonesian Ambassador to Cairo Helmy Fawzy receives Primaduta Award on behalf of Egyptian businessmen at 2018 TEI Indonesia- press photo
HERE IS A LIST OF The EGYPTIAN AWARDED COMPANIES:
1- Baracka Contracting and Trading group for Tires
2- AlMalek Faisal Co. for Trading Tires and Batteries
3- Afia International Co. for importing palm oil products
4- Ibrahim M. Mostafa and Partners (AlRehab) for importing Robusta and Arabica Coffee beans
5- AlGaras for Spices and Herbis Industry in Alexandria for importing Robusta and Arabica coffee beans
6- Al Nada Co. in Alexandria for importing Robusta and Arabic coffee beans
Egypt comes in the first place among the countries that were granted Primaduta Awards, while Holland comes in the second rank. Saudi Arabia and China ranked number three as three awards will go for three companies each.
The TEI was inaugurated under the theme “Creating Products for Global Opportunities” by the Directorate General for National Export Development (DGNED), affiliated with the Indonesian Ministry of Trade. It serves to be a platform for business discussions.
The exhibition featured various products such as food, beverages, manufacturing products, property, biofuel, automotive components, premium handicrafts, and furniture. The number of visitors reached 28,000 from 125 countries.
The trade transactions conducted in 2016 were estimated at $1.02 billion, according to the TEI official website.
The TEI was inaugurated a day after the opening of the 2018 Indonesia-Middle East Annual Gathering on Economy (IMAGE) on Monday, Oct. 22 in the city of Yogyakarta, Central Java.
The three-day gathering, held at Yogyakarta Industry and Trade Directorate, was attended by several business delegations from Egypt, Morocco, Yemen, Syria, Kuwait, Iraq, Saudi Arabia, and the UAE.
In case you missed it…
YOGYAKARTA, Indonesia - 22 October: The 2018 Indonesia-Middle East Annual Gathering on Economy (IMAGE) kicked off on Monday, Oct. 22 in the city of Yogyakarta, Central Java. The three-day gathering, which is held at Yogyakarta Industry and Trade Directorate, was attended by several business delegations from Egypt, Morocco, Yemen, Syria, Kuwait, Iraq, Saudi Arabia, and the UAE.
Trade volume between Egypt and Indonesia reached $203 million in 2018, compared to $75 million in 2017 with an increase of 169.65 percent, according to Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS), said Indonesian Ambassador to Cairo Helmy Fawzy during the National Day of Indonesia on October 1.
From January to June 2018 the trade volume increased by $561 million (12 percent), compared to the same period of 2017, according to CAPMAS.
According to the IMF World Economic Outlook, Indonesian annual GDP growth is projected at 5.1 percent.
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