Jakarta Post

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post
Jakarta Post
Video 30°C
DKI Jakarta, Indonesia
30°C Clear

Partly cloudy starting later this afternoon, continuing until tomorrow morning, and dry throughout the day.

  • Sat

    25℃ - 32℃

  • Sun

    25℃ - 32℃

  • Mon

    26℃ - 31℃

  • Tue

    27℃ - 31℃

Venezuela, RI to improve trade, investment relations

| Wed, April 14 2010 | 02:42 pm

Venezuelan business leaders are exploring opportunities to improve cooperation with Indonesian partners in trade and investment.

"We would like to improve trade and investment relations, including those in tourism, technology, chemicals and natural gas," Mirtha Quintero, manager for commercial promotion of Foreign Trade Bank of Venezuela (Bancoex), said at a seminar in Jakarta on Tuesday.

The trade mission seminar was held by a visiting 20-member Venezuelan delegation representing two governmental agencies and 13 companies from various sectors such as aluminum, agribusiness, beverages, chemicals, food and telecommunication technology.

"We can expand trade or investment relations because Venezuela has much potential, especially in natural resources," Diono Nurjadin of the Indonesian Chamber of Commerce and Industry said. "The bilateral trade between the two countries is still below US$100 million a year."

Dementio Marotta, vice president of Bancoex, hoped that the business seminar could attract more Indonesian businessmen to invest in Venezuela.

"We have abundant and various natural resources," Marotta said.

According to Marotta, Venezuela is the third country with largest oil reserves in the world after Saudi Arabia and Iran. It is also known as a producer of raw materials such as iron-steel, bauxite, gold, diamond, copper, coal, phosphate and zinc.

Over the past few years, bilateral trade between Indonesia and Venezuela increased from $34 million in 2000 to $96 million in 2009, according to Bancoex.

But according to data from the Indonesian Trade Ministry, Indonesia's exports to Venezuela reached $38.3 million and imports $1.3 million, resulting in a $37 million surplus for Indonesia.

Indonesia's exports to Venezuela mostly consist of technically specified natural rubber, fabrics, footwear and cotton, while Indonesia imports are rubber or plastic, cyclic amides, silicon dioxide and aluminum alloys from Venezuela.

The diplomatic relationship between the two countries was officially opened on Oct. 10, 1959. The first economic agreement was signed in Caracas on Sept. 26, 1991. (not)

NEWS PULSE

TRY A DIGITAL SUBSCRIPTION

Join the discussions

0 Comments

Posting as Guest