Indonesia and Algeria Agree to Strengthen Energy Cooperation

Indonesian Foreign Affairs Retno Marsudi held a bilateral meeting with her Algerian partner, Ahmed Attaf, during her visit to Algeria this week.

IDXChannel - Indonesian Foreign Affairs Retno Marsudi held a bilateral meeting with her Algerian partner, Ahmed Attaf, during her visit to Algeria this week. They discussed a number of economic issues, including trade and energy cooperation.

"Three important areas of cooperation were highlighted during the meeting. First, trade cooperation," Retno said in a press statement after the bilateral meeting.

Algeria is among Indonesia’s top 5 trading partners in Africa. Bilateral trade increases steadily by 15,77% annually.

"However, our bilateral trade volume has not reflected its true potential. To bolster our two-way trade and ensure a more sustainable and balanced trade, Indonesia proposed a Preferential Trade Agreement between the two countries, and I sought Minister Attaf’s support," Retno stated.

In energy sector, the two countries signed the Memorandum on Understanding (MoU) on Energy and Mining Cooperation on the sidelines of the bilateral meeting. This MoU will strengthen our G2G cooperation and promote B2B cooperation and investment in energy sector.

"Indonesia is a good partner for Algeria on energy cooperation. Indonesia’s State-Owned Enterprise, Pertamina, has been a reliable partner for Algeria on oil and gas industry. Our commitment to investment remains. Therefore, we welcomed another plan of investment from Pertamina of USD900 million until 2048 in Algerian energy sector. Pertamina is ready to continue expanding their investment in Algeria, including in new areas such as refinery and decarbonization," Retno explained.

"We also hope to broaden our economic cooperation beyond the petroleum sector through various joint projects in electricity, mining, renewable energy, and Minister Attaf also mentioned about agriculture, fisheries, and other sectors," she added.

Lastly, the two countries agreed to reactivate our bilateral mechanisms including the Ministerial Level Joint Commission meeting and the Senior-Official level bilateral consultation. Both of which will be held in Jakarta, Indonesia, in the first half of 2024.

"These mechanisms are crucial in our efforts to take stock of progress and address challenges in our cooperation," she concluded. (WHY)