CAIRO: Existing trade between Indonesia and Egypt represents a “very small part” of market share, despite the two countries being the most populous Muslim nations in the world, said Indonesian Minister Counselor Meri Binsar Simorangkir Wednesday evening.
At a forum co-hosted by the Indonesian Commission for Public Exploration of Oil and Gas, and hosting a number of Egyptian oil companies, Simorangkir said that President Sisi’s visit to Jakarta “opens the door” to increased trace and economic relations.
In 2015, bilateral trade volume between the two countries has increased 29 percent, valued at $905 million over the trade from the previous period in the previous year, valued at $754 million.
Indonesian investment in Egypt, however, only reached $96 million by three companies, with Egyptian investment worth $21.9 million, through 10 companies involved in import/export.
The oil and gas field, in particular, is an area that hold potential for increasing trade between the two nations, Simorangkir said.
Ibrahim Fathi, on behalf of the President of the “Egyptian General Petroleum Corporation”, said that out of 170 projects being carried out by 10 domestic and 52 foreign companies, there are no Indonesian enterprises, and he called on Indonesian companies to invest in Egypt.
The volume of oil production in Egypt amounts to 688.6 million barrels per day from the total 275 field producers of oil and 81 field gas producers.
Indonesia, on the other hand, produces 800 million barrels of oil, said Rudianto Rambonu, Vice President of the Indonesian Commission for the exploration of oil and gas during his speech. He added that there are many investment opportunities in Indonesia, which is mobilizing to increase employment in the east, where there are deep-sea fields.
The recent discovery of oil fields in Egyptian territorial waters by the Eni gas corporation will increase Cairo’s gas reserves as well as present a major opportunity for investment, said Dr. Ahmed Kandil, a researcher in the affairs of East Asia and Indonesia countries at the Al-Ahram Center for Political and Strategic Studies.
Reporting by Mahmoud Mohei