Indonesia Eyes Closer Economic Ties with Portugal

Indonesia and Portugal are committed to improving bilateral relations by increasing trade ties and investment cooperation.

IDXChannel - Indonesia and Portugal are committed to improving bilateral relations by increasing trade ties and investment cooperation.

"Portugal investment in Indonesia significantly grew by 2,000% from 2019 to 2022," said Indonesian Foreign Minister Retno Marsudi after holding a bilateral meeting with her Portuguese counterpart Joao Gomes Cravinho in Jakarta on Monday (24/7/2023).

"Indeed, this is a record-high number," she added.

During the bilateral meeting, investment on renewable energy and the blue economy were discussed as priority sectors.

"We share the same views on the importance of expediting the completion of the Indonesia-EU CEPA negotiations," she stated.

"I appreciated Portugal trust to palm oil from Indonesia," she continued.

Portugal's import of Indonesian palm oil from Indonesia increased by 77% from 2019 to 2022.

The rise resulted from incentives from importing palm oil derivatives as biodiesel feedstock.

"I reiterated during the conversation my concern on the number of discriminatory policies taken by the EU including the European Union Deforestation Regulation (EUDR)," Retno said. (WHY)