Azerbaijan,Indonesia to expand trade ties
By Sara Israfilbayova
Azerbaijan and Indonesia will discuss the expansion of trade and economic ties within the framework of a business forum that will be held in Guba, Azerbaijan on May 3.
Entrepreneurs from Indonesia representing different sectors of the economy will arrive in Azerbaijan to participate in the event.
Azerbaijani-Indonesian relations were officially established in 1992. Both countries are members of the Organization of Islamic Cooperation and the Non-Aligned Movement.
The trade between Azerbaijan and Indonesia is mostly related to the energy sector, as Azerbaijan emerged as the second biggest supplier of crude oil to Indonesia in 2011 after Saudi Arabia.
In March, 2016, Azerbaijan and Indonesia drafted a memorandum of understanding (MoU) to further deepen cooperation in the energy and mineral resources sectors. Moreover, the Indonesian government encouraged the country’s state oil and gas company Pertamina to invest in Azerbaijan’s oil and gas projects.
According to the State Statistics Committee of Azerbaijan, the trade turnover between Indonesia and Azerbaijan for the first quarter of 2017 amounted to $9.2 million.
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