By Andi Abdussalam
Jakarta, March 4 (Antara) - Indonesia and Saudi Arabia should boost their bilateral trade further, as their two-year trade has been declining in the past few years, while the Saudi investment in Indonesia has also dropped significantly last year.
The visit this week by Saudi King Salman bin Abdulaziz al-Saud and his 1.5 thousand delegates, including 10 ministers and 25 princes, is described as a golden opportunity for the two countries to further step up their economic cooperation in trade and investment.
Between 2014 and 2015, the trade volume between Indonesia and Saudi Arabia had declined by 36 percent," President Joko Widodo was quoted as saying by Deputy Foreign Minister Abddurrahman M Fachir, while receiving the Saudi Shura Council in Mid-Feb.
Based on the latest data, the trade volume of the two countries was recorded at US$5.48 billion in 2015, down to $3.39 billion in the Jan-Oct 2016 period.
Investment by Saudi Arabia in Indonesia has also been declining. In 2016, direct foreign investment from Saudi Arabia amounted to only about $900 thousand, down from $30 million in 2015, according to data from the Investment Coordinating Board (BKPM).
