Indonesia is Enhancing Economic Ties with Vietnam

Jakarta, The Gulf Observer: Indonesia’s Cooperatives and Small and Medium Enterprises (SMEs) Minister Teten Masduki has embarked on a significant official visit to Vietnam, aiming to fortify economic collaboration between the two nations. The visit, spanning from March 21 to March 22, 2024, underscores the shared commitment of Indonesia and Vietnam towards fostering mutual growth and prosperity.

In his endeavor to bolster economic ties, Minister Masduki is specifically focusing on enhancing cooperation in the micro, small, and medium enterprises (MSMEs) sector, as well as advancing collaboration in cooperatives and food production domains.

In a press release issued by his ministry, Minister Masduki emphasized the importance of harnessing the economic potential shared by Indonesia and Vietnam, both being integral members of the ASEAN community. He highlighted the necessity for concerted efforts to capitalize on domestic advantages, thereby facilitating sustainable economic development in the respective nations.

During his visit, Minister Masduki engaged in constructive dialogues with key officials in Khanh Hoa province, including the Secretary of the Khanh Hoa Provincial Party Committee, Nguyen Hai Ninh, and the Chairperson of the Khanh Hoa Provincial People’s Committee, Nguyen Tan Tuan.

Central to the discussions were strategies to optimize the economic potential of both countries through collaborative endeavors in increasing food production and downstreaming, with a particular emphasis on leveraging the capabilities of cooperatives and MSMEs. Minister Masduki underscored the significance of developing a robust digital agricultural ecosystem to augment productivity and efficiency in the sector.

Moreover, Minister Masduki referenced data from the Food and Agriculture Organization (FAO) of the UN, indicating the substantial contribution of the ASEAN region to global agriculture and fisheries. ASEAN’s pivotal role in these sectors underscores the immense potential for further collaboration to enhance productivity and competitiveness in the global market.

To this end, Minister Masduki stressed the imperative of strengthening research and development initiatives in agriculture and fisheries, aimed at elevating the quality and competitiveness of cooperative and MSME products on the global stage. Additionally, he highlighted the importance of fostering innovative business models and partnerships to optimize supply chains in the agriculture and fisheries sectors across ASEAN nations.

Minister Masduki reiterated that enhanced cooperation between Indonesia and Vietnam would lead to the creation of quality jobs, particularly crucial for engaging the younger generation in agriculture and related sectors. Citing data from the ASEAN Secretariat, he emphasized the significant portion of the workforce employed in agriculture, fishery, and forestry sectors across ASEAN nations, underscoring the importance of quality employment opportunities for sustainable economic growth.

In conclusion, Minister Masduki reaffirmed Indonesia’s commitment to advancing downstreaming initiatives across various sectors, including agriculture, fisheries, animal husbandry, and cooperative-based plantation products. Through collaborative efforts, both Indonesia and Vietnam are poised to unlock new avenues of economic growth and prosperity, further solidifying their partnership within the ASEAN community.