Saudi Arabia Trade Agreement Reaches USD 155 Million

Indonesia and Saudi Arabia have signed a trade agreement with a contract value of more than USD 155.7 million. The signing was witnessed by the Minister of Trade Zulkifli Hasan at the Federation Saudi Chamber Office in Jeddah, Saudi Arabia.

“I welcome the signing of the trade contract, cooperation agreement and memorandum of understanding (MoU) between Indonesian business actors and Saudi Arabia. It is hoped that this collaboration will continue with increasingly large trade transactions. With an increasing variety of commodities,” he explained in a written statement (24/1/2023).

Reported by finance.detik.com, Zulkifli said there were eight agreements from the signing of cooperation. Among them are two MoUs devoted to fulfilling the needs of pilgrims and Umrah pilgrims.

“The special MoU is to meet the needs of pilgrims. Aimed at fish and processed products in various packages, as well as meat and vegetables in various types of packaging,” he explained.

Zulkifli ensured that Indonesia’s trade representative in Saudi Arabia would always be ready to assist business actors in increasing their exports. This assistance is in the form of promotional encouragement for existing products. This encouragement is expected to increase awareness and expand its market.

With this cooperation agreement, Indonesian business actors can export a number of commodities to Saudi Arabia. Among them are food ingredients, such as rice, cooking oil, fish, meat, vegetables, fruit, and so on. Apart from food, Indonesia will also export its charcoal commodity.

From January to November 2022 period, the total trade between Indonesia and Saudi Arabia reached USD 7 billion. There was an increase of 45.42% compared to the same period last year, which amounted to USD 4.8 billion. Meanwhile, the total trade between the two countries since 2021 will reach USD 5.5 billion.