Indonesian and Russian Governments Strengthen Economic and Investment Cooperation

The Indonesian and Russian governments have agreed to strengthen economic and investment cooperation through the signing of the Protocol for the 7th Meeting of the Working Group on Trade, Investment, and Industry (WGTII).

The protocol was signed by Edi Prio Pambudi, Deputy for Coordinating Economic and Investment Cooperation at the Coordinating Ministry for Economic Affairs, and Vladimir Illichev, Deputy Minister for Economic Development of the Russian Federation.

“Through the signing of this protocol, both countries reaffirm their commitment to continuously strengthening mutually beneficial cooperation, including through increased market access, investment, and the development of value-added industries,” said Edi.

The protocol contains agreements, developments in cooperation, and follow-up plans in various priority sectors of both countries.

This document also serves as a reference in implementing the results of technical discussions while ensuring the sustainability and effectiveness of bilateral cooperation.

The scope of cooperation includes strategic sectors such as trade and investment, new and renewable energy, and the agriculture sector, including fisheries, fertilisers, and palm oil.

In addition, collaboration is also directed towards priority industrial sectors such as pharmaceuticals and health, metallurgy, chemicals, aviation, and infrastructure.

Both countries also encourage sustainable cooperation in the fields of logistics, special economic zones, the creative economy, the environment and climate change, as well as strengthening inter-regional collaboration.

Edi added that the signing of this protocol is expected to soon produce concrete implementation through strengthened technical cooperation, acceleration of various ongoing initiatives, and the development of more applicable priority projects.