Jakarta (Indonesia Window) – The Indonesian Ministry of Trade has facilitated the signing of a memorandum of understanding (MoU) between Indonesian business players and their trading partners from Egypt for four-wheeled vehicle tires in the amount of 20 million U.S. dollars.

The MoU was signed on the sidelines of the 2021 Trade Expo Indonesia Digital Edition (TEI-DE) and witnessed online by Director General of National Export Development at the ministry Didi Sumedi, and Indonesian Ambassador to Egypt, Lutfi Rauf.

The ministry noted that the total value of trade transactions between Indonesia and Egypt was 978.05 million dollars, said Didi in a written statement received here on Tuesday (Nov. 2).

“This value is expected to continue to grow. Egyptian business players are also expected to explore www.tradexpoindonesia.com to learn more about Indonesian export products,” he added.

Ambassador Lutfi said that the 2021 TE-DE is an important moment for Indonesian and Egyptian business players.

“This moment also proves that Indonesian and Egyptian business actors have succeeded in showing good trade cooperation in the midst of the COVID-19 pandemic. The governments of Indonesia and Egypt are expected to create a conducive and mutually beneficial business environment,” he said.

The Indonesia-Egypt trade balance for the January-August period 2021 experienced a surplus of 2.01 billion dollars. The surplus was generated from Indonesia's exports to Egypt of 7.68 billion dollars and Indonesia's imports from Egypt of 5.67 billion dollars.

Meanwhile, Indonesia's total exports for the January–August period 2021 were recorded at 7.68 billion dollars, an increase of 60.10 percent compared to 4.80 billion dollars in the same period last year.

During the same period, the value of Indonesia's non-oil and non-gas exports was 6.65 billion dollars, an increase of 62.96 percent compared to 4.08 billion dollars in the same period in 2020.

Meanwhile, the total trade value between Indonesia and Egypt in 2020 was recorded at 13.35 billion dollars. This value increased by 48.33 percent compared to the same period last year.

Reporting by Indonesia Window