Taiwan and the Indonesia share close economic and trade relations. Trade between both sides has steadily growth since Taiwan government launched the “New Southbound Policy” in 2016.
Indonesia is an important partner country in Taiwan’s New Southbound Policy owing to it is Taiwan’s 16th largest trading partner and 16th largest export destination in 2018. Bilateral trade between Indonesia and Taiwan totaled US$8.8 billion in 2018, for an increase of 9.14% over 2017. Indonesia’s exports to Taiwan amounted to US$5.5 billion, while Taiwan’s exports to Indonesia amounted to US$3.3 billion. This indicates that bilateral economic and trade exchanges are robust and prosperous.
In March 2018, the "Taiwan EXPO" was held in Jakarta to promote exchanges in the fields of industry, education, tourism, and culture. It attracted more than 21,285 visitors and created more opportunities for future cooperation between Taiwanese and Indonesia companies.
Over the past years, Taiwan has consistently been a major source of foreign direct investment in the Indonesia. Taiwan has invested more than US$1.34 billion by the end of 2018. Main sectors of investment include textile, furniture, machinery, auto parts and electronic components.
Taiwan has a good foundation for developments in the fields of information electronics, semiconductors, machinery and iron and steel industry. The government is actively promoting the innovative industrial policy and is currently developing diversified innovation applications. The Indonesia government has also proposed many programs in recent years to enhance industrial competitiveness. It is obvious that the industries of Taiwan and the Indonesia have many potential areas for cooperation.
Taiwan views the Indonesia as a key partner country under Taiwan's New Southbound Policy, through which we aim to effectively further strengthen our cooperation in the future.