Bern, Switzerland – April 22, 2024 – Trade between Indonesia and Switzerland has tripled since a free trade agreement (CEPA) took effect in 2021, highlighting the success of the pact.
Indonesian Foreign Ministry official Ambassador Umar Hadi announced the impressive growth at a recent meeting of the countries’ Joint Economic Trade and Commission (JETC). Two-way trade now surpasses US$3 billion, with Indonesia enjoying a consistent surplus of over US$2 billion.
This surge comes despite ongoing global economic challenges caused by the COVID-19 pandemic. Officials from both nations believe it demonstrates the strength of the partnership and the vast potential for further collaboration.
The JETC meeting also focused on future areas of cooperation, including extending development assistance from Switzerland to Indonesia, boosting investment in technology and sustainable industries, and fostering collaboration in vocational education.
“The threefold increase is a testament to the commitment of both countries,” said Indonesian Ambassador to Switzerland Ngurah Swajaya. “It presents a significant opportunity to further explore and unlock mutual benefits.”
The meeting concluded with several concrete agreements, including discussions on continuing development aid, diversifying Indonesian exports to Switzerland, and attracting Swiss investment into Indonesia’s growing industrial sector.
The positive trade figures are bolstered by a rise in Swiss investment in Indonesia. Switzerland currently ranks sixth among European investors in Indonesia, with investments reaching US$150 million across 750 projects in 2023.