Ministry Aims for Growth in Non-Oil, Gas Exports in 2024

Speaking at the 2024 Outlook and Performance of the Ministry of Trade on Thursday (4/1/23,) Indonesia’s Minister of Trade, Zulkifli Hasan, said the government is optimistic about the global economy in 2024, and the Ministry of Trade is targeting the value of Indonesia’s non-oil and gas exports in 2024 to grow by around 2.5-percent to 4.5-percent, according to reporting from Antara News.

“The government will make efforts to encourage non-oil and gas exports in accordance with the target of 2.5 to 4.5-percent in 2024, despite the challenges of world commodity prices that are still quite flat,” the minister noted.

As an effort to realize the export target in 2024, the Trade Ministry will develop new non-traditional markets, such as India, Pakistan, South Africa, Nigeria, and Mexico, say Antara News, adding that during the period from January to November 2023, the value of non-oil and gas exports to India had reached USD 18.45-billion.

Hasan noted that Asia is a large market that can be explored, and that’s why Indonesia needs to create products that have added value, such as through downstreaming. “The mainstay (products) are still CPO (crude palm oil), coal, nickel, and of course, manufacturing products and forest products,” noted the minister.

Cumulatively, Indonesia’s export value during the January to November 2023 period was USD 236.41-billion, down 11.83-percent as compared to the same period last year, say Antara News.

The decline in the cumulative export value was due to the weakening of non-oil and gas exports and a 0.67-percent decline in oil and gas exports. The three main destination countries for non-oil and gas exports are China, the United States, and India.

Antara News report that the Ministry of Trade also stated that the value of Indonesia’s imports during the January to November 2023 period reached USD 202.78-billion, a decline of 6.80-percent as compared to the previous year.

“The Trade Ministry continues to encourage export performance by providing ease and legal certainty,” Hasan remarked.

 

Source: Antara News

Stock photo by Tom Fisk on Pexels 

Latest Article
Jokowi Proclaims National Entrepreneurship Day
Speaking at the 52nd anniversary of the Indonesian Young Entrepreneurs Association (HIPMI) in Jakarta...
IEU-CEPA Negotiations Aim be Completed This Year
Indonesia’s Coordinating Ministry for Economic Affairs is planning to complete the 19th round of negotiations...
IKN Development Stimulates Economic Growth
Asian Development Bank (ADB) Director for Indonesia, Jiro Tominaga, told Antara News on Monday (27/5/24,)...
Indonesia Aims for Competitive Investment Climate
Speaking on the sidelines of the World Water Forum (WWF) in Nusa Dua, on Wednesday (22/5/24,) Indonesia’s...
Elon Musk Launches Starlink for Indonesia’s Health Sector 
Local and regional newswires including The Economic Times, are buzzing with news that Elon Musk and Indonesia’s...

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.