Indonesian-Phl biz groups seal cooperation
Common areas of interest identified during the meeting of officials of the Philippine Chamber of Commerce and Industry and the Indonesian Chamber of Commerce and Industry were mining, agriculture, specifically livestock management, trade, and the digital
A major business organization in the Philippines and its Indonesian counterpart recently met prior to last week’s visit of Indonesian President Joko Widodo for a roundtable discussion focused on expanding and strengthening Philippines — Indonesia bilateral economic ties.
Among the common areas of interest identified during the meeting of officials of the Philippine Chamber of Commerce and Industry and the Indonesian Chamber of Commerce and Industry were mining, agriculture, specifically livestock management, trade, and the digital economy.
During the meeting held last 10 January 2024, Filipino businessmen and their Indonesian counterparts also discussed how both countries can leverage their mineral resources with the development of new technologies that will need nickel, cobalt, and other minerals that both countries have in abundance.
Indonesia’s mining sector
In the second to third quarter of 2023, the mining sector of Indonesia made a significant contribution to their national Gross Domestic Product, reaching 10.48 percent.
However, in Q2, the share of this sector decreased by 8.83 percent compared to the previous quarter to IDR 547,856.9 billion.
For the Philippines side, Trade and Industry Secretary Alfredo Pascual has been saying that the Philippines has a treasure trove of mineral resources, particularly green metals, such as copper, cobalt and nickel.
He said the country has some 2.1 billion metric tons of nickel, 6.9 million metric tons of copper, and 260,000 metric tons of cobalt, all of which comprising the Philippine advantage he has been bragging about to foreign investors, particularly in the manufacturing of green metals and electric vehicles.
Fortifying ties
During their roundtable discussion, the two business groups fortified their ties in strengthening the Halal ecosystem and developing the livestock industry to ensure food security; utilizing the Davao-Bitung Ro-Ro route to expand trade; and, actualizing the 2022 Memorandum of Understanding on the creative economy, which should also consider digital security.
Both business chambers also agreed to create a working group to work on the said initiatives.
Indonesia remains one of the Philippines’ important trading partners. In 2022, total trade between the two countries reached $14.39 billion, or an increase of 57 percent from the previous year.