Deputy Minister of Trade Jerry Sambuaga met with Portugal's Secretary of State for the Economy, Joao Rui Ferreira, in Lisbon on Friday, September 20. During the meeting, Deputy Minister Jerry discussed efforts to enhance economic and trade cooperation between Indonesia and Portugal. Both countries are working to improve bilateral trade and explore potential collaboration in renewable energy, tourism, digital technology, defense, and agriculture and pharmaceuticals. Jerry highlighted the benefits of partnering in renewable energy, noting Portugal's leadership in wind and solar power, which accounted for 61% of its electricity in 2023. He also emphasized opportunities in tourism promotion and digital technology, where Portugal's thriving startup ecosystem and data hubs could serve as valuable resources for Indonesia. Additionally, cooperation in defense was discussed, focusing on Portugal's robust defense industry, including radar systems, avionics, and cybersecurity technology. The agriculture and pharmaceutical sectors were also identified as potential areas for collaboration, with opportunities in sustainable agriculture, horticulture, food processing technology, and pharmaceutical research and development.
According to the Central Statistics Agency (BPS), total trade between Indonesia and Portugal reached USD 179.4 million in 2023, an increase of 13.52% compared to the previous year, demonstrating positive growth but with significant potential for further expansion. Indonesia's exports to Portugal amounted to USD 140.9 million in 2023, up 8.53% from 2022, while imports from Portugal were valued at USD 38.5 million, resulting in a trade surplus of USD 102.3 million for Indonesia. Major exports from Indonesia to Portugal included iron or steel alloy sheet products (USD 25.4 million), footwear (USD 24.8 million), and natural rubber (USD 9.7 million). Key imports from Portugal included recovered paper or paperboard products (USD 4.9 million), other pulp-making machinery, and electrical machinery and equipment (USD 2.1 million). Deputy Minister Jerry also sought Portugal's support for the Indonesia-European Union Comprehensive Economic Partnership Agreement (I-EU CEPA), which has undergone 19 rounds of negotiations, with the final round held in July 2024. The substantial completion of these negotiations is targeted for 2024, and Jerry encouraged Portuguese business participation in the 39th Trade Expo Indonesia (TEI) from October 9-12, 2024, at ICE BSD, to explore new trade opportunities.
