Azernews.Az

By Sara Israfilbayova

Business circles of Azerbaijan and Indonesia discussed expansion of trade and economic relations during a business forum held in Guba on May 3.

A number of entrepreneurs representing various sectors of the Indonesian economy came to Azerbaijan to participate in the forum.

The sides discussed expansion of trade relations, as well as opportunities of making the mutual investment between Azerbaijan and Indonesia.

Indonesian Ambassador Husnan Bey Fananie, addressing the event, highlighted bilateral relations between the two countries, saying there are great prospects for further boosting these bonds. He also praised development of economic ties between the two countries.

The ambassador went on to say that he is periodically informed about Indonesian businessmen’s investments in Azerbaijan.

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.

The trade turnover between Indonesia and Azerbaijan for the first quarter of 2017 amounted to $9.2 million, according to the State Statistics Committee of Azerbaijan.

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