China committed to increasing imports of 1 mln tons of Indonesia’s CPO

China committed to increasing imports of 1 mln tons of Indonesia’s CPO
Indonesian President Joko Widodo (left) and China's Premier Li Keqiang (right) at Villa 5, Diaoyutai State Guesthouse, Beijing, Tuesday (July 26, 2022). (The Indonesian Cabinet Secretariat)
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In addition to the commitment to increasing imports of one million tons of CPO, China prioritizes imports of agricultural products from Indonesia.

 

Jakarta (Indonesia Window) – The Chinese government has expressed its commitment to import one million tons of crude palm oil (CPO) more from Indonesia.

This was stated in a bilateral meeting between the President of the Republic of Indonesia Joko Widodo (Jokowi) and the Premier of the People’s Republic of China (PRC) Li Keqiang at Diaoyutai State Guesthouse, Beijing, on Tuesday afternoon, according to a written statement from the Cabinet Secretariat of the Republic of Indonesia received here on Tuesday.

In his introductory remarks, President Jokowi said that China is Indonesia’s strategic partner and the two countries have succeeded in filling the partnership with mutually beneficial cooperation.

“In the meeting with Premier Li, I hope that we can discuss various kinds of cooperation, especially in the fields of trade, investment, infrastructure, finance, funding, and maritime,” Indonesian the head of state said.

President Jokowi added that the value of trade between Indonesia and China continues to increase, and has already exceeded 100 billion U.S. dollars. The President of the Republic of Indonesia hopes that this cooperation can continue to be improved in the future.

“The opportunity to increase the number of trade is very large,” the President noted.

In addition to the commitment to increase imports of 1 million tons of CPO, China prioritizes imports of agricultural products from Indonesia.

The two leaders also discussed cooperation in the development of Indonesia’s Green Industrial Park in North Kalimantan province.

Meanwhile, Indonesian Foreign Minister Retno Marsudi said that President Jokowi’s visit to Beijing was the first visit by a world leader to take place after the Winter Olympics in Beijing in early 2022.

“The main focus of the meeting of the two leaders is to increase mutually beneficial economic cooperation,” the Indonesian foreign minister added.

Accompanying President Jokowi in the meeting with Prime Minister Li were Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan, Minister of Foreign Affairs Retno Marsudi, Minister of State Secretary Pratikno, Minister of State Owned Enterprises Erick Thohir, Minister of Investment/Head of the Investment Coordinating Agency Bahlil Lahadalia, and the Indonesian Ambassador to China Djauhari Oratmangun.

China’s investment

China’s Silk Road Fund (SRF) has signed an agreement to invest up to 20 billion yuan or approximately 2.99 billion U.S. dollars in Indonesia’s sovereign wealth fund, Reuters reported on July 4, 2022.

According to some analysts, the figure could deter Western investors from entering Indonesian funds.

The agreement allows investment in all sectors open to foreigners in Indonesia, especially projects with economic connectivity between countries, the Indonesian Investment Authority (INA) and SRF said in a joint statement.

“We believe that investment in Indonesia and the region has high potential, especially if it is carried out together with INA,” SRF’s President Yanzhi Wang said.

The agreement provides general terms and conditions for SRF and INA to screen and decide on joint investments.

Reporting by Indonesia Window

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