China-Indonesia business forum in Shanghai to promote trade and tourism investments

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Over 180 participants from 139 Chinese companies and 138 participants from 63 Indonesian companies registered to participate in the China-Indonesia Business Forum held in Shanghai on Tuesday, with signings of MoUs taking place, according to Djauhari Oratmangun, Ambassador of Indonesia to the PRC.

As a partner of China, Indonesia has been actively participating in the first China International Import Expo (CIIE), with 63 Indonesian companies attending, according to Oratmangun.

“There is huge potential for partnership in the future robe discussed at the China-Indonesia business forum, and we must do more to promote trade, investment, tourism, digital economy and e-commerce,” said Oratmangun.

Trade between China and Indonesia is on the rise, especially after the implementation of ACFTA since early 2010. Indeed, while in 2003 trade between Indonesia and China reached only USD 3.8 billion, in 2010 it multiplied almost 10 times and reached USD 36.1 billion.

Bilateral trade figures between Indonesia and China have increased steadily in recent years, from $47.6 billion in 2016 to $58.8 billion in 2017, up 23 percent; bilateral trade figures from January to August in 2018 hit $47 billion, according to Luhut Binsar Pandjaitan, Coordinating Minister for Maritime Affairs of the Republic of Indonesia, during the forum.

Indonesia will take part in the upcoming China International Travel Mart (CITM) slated from November 16 to November 18 in Shanghai, aimed at attracting a bigger chunk of China’s robust tourism market, Indonesia Tourism Minister Arief Yahya said.

The minister said the China tourism market is highly potential thanks to its huge number of annual outbound travelers who spent a huge amount of money during their vacations abroad

Citing the figures released by the International Luxury Travel Market Asia (ILTMA), the minister said Chinese travelers spend 242.109 trillion rupiah ($16.4 billion) per year, making them part of the biggest spending tourists in the world.

On average, Chinese tourists spend $1,019 per person on each of their outbound vacation trips, he added.

“Those would be good references for Indonesia to get more proceeds from the Chinese market. I believe our participation in the 2018 CITM would be fruitful,” the minister said.

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