UK International Trade Secretary Nigel Huddleston and Indonesian Deputy Trade Minister Jerry Sambuaga have agreed to form a working group on the digital economy and development of renewable energy opportunities—two key areas of concern for UK businesses, an official UK government statement said.
Indonesia’s economy is predicted to enter the world’s top 10 by 2035 and become the seventh largest by 2050. JETCO was established in 2022 to help promote and develop trade.
Indonesia and the UK yesterday held the second meeting of the Joint Economic and Trade Committee to boost bilateral trade, worth £3.5 billion a year and up 33% at current prices last year from the previous year. Both sides have agreed to form a working group on the digital economy and development of renewable energy opportunities – two areas of prime interest to UK companies.
“The UK is the second largest exporter of services in the world and much of this is delivered by digital means. Easing digital trade could unleash growth in UK services exports, which were worth £658 million to Indonesia last year,” said Huddleston.
During today’s discussions, Minister Huddleston also highlighted opportunities for increased cooperation in areas such as food and beverage, agriculture, educational services, Indonesia’s energy transition, legal services and fintech.
“Indonesia’s increasingly tech-savvy population and growing middle class make Indonesia an extremely attractive market for UK businesses. UK-ASEAN Business Council [UKABC] is committed to supporting the growth of the UK-Indonesia trade relationship, by working with both governments to leverage the vast number of trade and investment opportunities it offers,” said UKABC president Edward Henry Butler Vaizey.
UKABC provides awareness of the latest opportunities in the region and facilitates the delivery of trade and investment content to UK companies looking to expand into markets across Southeast Asia.
Annual bilateral trade between the UK and Indonesia is on the rise, with trade up 33 per cent at current prices last year compared with the previous year.
Fiber2Fashion (DS) News Desk
