China to increase imports from Indonesia

Beijing will increase the import volume of some commodities, including palm oil, Indonesian president says

China to increase imports from Indonesia

World Bulletin / News Desk

Indonesian President Joko Widodo and Chinese Premier Li Keqiang on Monday agreed to increase economic and trade cooperation during a meeting held at the presidential palace in Bogor. 
 
Li arrived in Indonesia on Sunday on a two-day visit to mark the fifth year of strategic partnership of the two countries. 
 
In a joint statement, Widodo said China will increase the import volume of some commodities from Indonesia, including palm oil. 
 
"Prime Minister Li Keqiang agreed to increase our exports, adding at least 500,000 tons of crude palm oil to China," Widodo said as quoted by local website Antaranews.com.
 
The two governments signed two Memorandum of Understanding (MoU), which include cooperation to develop regional economic corridors and cooperation for reviewing the design of two Chinese dam projects in Indonesia.
 
China has been Indonesia’s largest trading partner for seven years in a row, as well as Indonesia’s main source of foreign investment. In 2017, their two-way trade reached $63.3 billion, up 18 percent year-on-year.
 
Since China introduced its Belt and Road Initiative in 2013, its outbound investments, including to Indonesia, increased significantly. The initiative is an ambitious road, rail and construction project spanning dozens of countries.
 
Widodo hopes the partnership is not only useful for both countries but also contributes positively for other countries.
 
"As two big countries, I say that the partnership between Indonesia and China should contribute to the peace, stability and prosperity of the world based on international law and norms," Widodo said.
 
Li said China will support Indonesia in building regional economic corridors and upgrading its infrastructure and industrial development to make the maritime bond between the two countries even stronger.
 
He said he would encourage more Chinese companies to invest in Indonesia, especially in the investment corridors offered, such as the construction of ports and fish processing sites, and the development of coastal economies.
 
China also will instruct all its companies operating in Indonesia to absorb local labor.
"We will emphasize that Chinese companies should use most of the Indonesian workforce," Li said.
 
The two leaders also talked about global developments. Widodo said China supported the struggle of the Palestinian people for independence. 
Last Mod: 07 Mayıs 2018, 13:53
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