Bilateral trade between Dubai and Indonesia reached Dhs12.9b in ’23

Dubai International Chamber (DIC), one of the three chambers operating under the umbrella of Dubai Chambers, has organised 200 bilateral business meetings between companies from Dubai and Indonesia during the first leg of the chamber’s week-long trade mission to Southeast Asia, which includes visits to Indonesia and Vietnam.

The delegation featured representatives from 17 companies from Dubai operating across a diverse range of sectors, including food and beverages, construction, healthcare, information technology, environmental solutions, human resource management, and perfumes and cosmetics.

The trade mission was organised as part of the ‘New Horizons’ initiative spearheaded by Dubai International Chamber (DIC), which aims to drive the international expansion of Dubai-based businesses and capture opportunities in promising global markets.

According to Dubai Customs data, non-oil bilateral trade between Dubai and Indonesia reached a value of Dhs12.9 billion during 2023, representing a year-over-year growth of 7.7 per cent.

Dubai’s non-oil trade with Indonesia has grown by 53.6 per cent over the past decade, increasing from Dhs8.4 billion in 2014 to Dhs12.9 billion last year, reflecting the strength of bilateral trade relations between the two markets.

The number of Indonesian companies registered as members of Dubai Chamber of Commerce stood at 99 as of the end of 2023.

The first day of the mission featured a business forum in Jakarta titled ‘Doing Business with Indonesia,’ which was organised with the support of the UAE Embassy in Jakarta, Indonesia’s Ministry of Investment, and the Indonesian Chamber of Commerce and Industry (KADIN).

The forum was attended by 472 officials, business leaders, and Indonesian companies interested in exploring partnership opportunities with the business community in Dubai, a record number of participants that reflects the strong interest among the Indonesian private sector in partnering with Dubai-based companies.

During his opening remarks at the forum, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated, “We are committed to strengthening trade and investment relations between the business communities in Dubai and Indonesia in a way that contributes to achieving our common goals. Indonesia is home to one of the most diversified economies in Southeast Asia. This trade mission serves as an integrated platform for Dubai-based companies seeking to capitalise on the exciting opportunities available in the Indonesian market and the wider region.”

Shaima Salem Alhebsi, Acting Chargé d’Affaires at the UAE Embassy in Jakarta, affirmed the UAE’s commitment to exploring potential growth and investment in key sectors, to drive sustainable development and prosperity for the people of the UAE and Indonesia.

She emphasised that the Comprehensive Economic Partnership Agreement (CEPA) between the two countries is aligned with their deep-rooted relations and mutual commitment to strengthening bilateral trade.

She also stressed that the discussions held during the business forum will positively enhance bilateral investment cooperation between the two countries.

During the Business Forum, Salem Al Shamsi, Vice President of Global Markets at Dubai Chambers, delivered an informative presentation on Dubai’s economic landscape and outlined the numerous competitive advantages the emirate offers Indonesian companies.

The event also featured a panel discussion that covered the intricacies of doing business in Indonesia, with speakers sharing their experiences in the local business environment.

This was followed by a series of bilateral business meetings between representatives of companies from Dubai and Indonesia. The second day of the mission continued with additional bilateral business meetings and site visits to several Indonesian companies.

Dubai International Chamber has identified a range of sectors that offer export opportunities to Indonesia for Dubai-based companies, including aluminium, metals and precious stones, and copper and copper articles.

Commodities with high-potential import opportunities from Indonesia to Dubai include wooden panels and sheets, palm oil, clothing, and cocoa butter.

The most promising areas for investment in Indonesia include the automotive industry, the construction sector, and agriculture, particularly in the export of tropical fruits.

As part of its preparations, the chamber hosted a special briefing session last week for members of the delegation to discuss the agenda for the mission.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “Trade mission aims to encourage local companies to capitalise on the diverse trade and investment opportunities available in Indonesia and Vietnam, which hold huge potential due to their strategic location in Asia.”