Despite the current economic crisis in Sri Lanka, Indonesia is still keen to enter into a preferential trade agreement (PTA) with Sri Lanka,Indonesian Ambassador to Sri Lanka Dewi Gustina Tobbing said at the National Chamber of Commerce organised ‘Bilateral Trade Discussion event yesterday.
Speaking to ‘Daily News Business’ after the event she said that some progress has been made in this regard and they are very keen to follow this up further. “This is because we see tremendous trade potential between the two countries.”
As the only G20 member state in Southeast Asia, the country has the largest economy in the region and is classified as a newly industrialized country. Aa per a 2022 estimate, it is the world’s 17th largest economy by nominal GDP and 7th in terms of GDP at PPP, estimated to be US$1.289 trillion and US$3.995 trillion, respectively. Per capita GDP in PPP is US$14,535, while nominal per capita GDP is US$4,691. “However the trade between Indonesia and Sri Lanka is only around USD 430 million with the trade balance USD 375 million in favor of Indonesia. There is tremendous potential to increase this and this is why we are keen on a PTA.”
She also said that there are several Indonesian investors in the fields of industry, boat building, and especially fertilizer who are keen to invest in Sri Lanka. At the event several local companies too expressed their interest to invest in Indonesia.
The Indonesia counterparts also requested Sri Lankan companies to participate in the Indonesian Trade Expo (TEI), the largest trade exhibition in Indonesia supported by the government and private sector. This will be held from October 19 to 23 and there will be over 100 trade participants.
Meanwhile, President NCCSL Nandika Buddhipala said that the chamber will look at organizing many investor forums on zoom with the assistance of the Sri Lankan Embassy in Indonesia to felicitate these investment opportunities from both countries.
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