Indonesias economy is remarkable," King of Belgium Philippe told President Joko Widodo (Jokowi) when they met at the Royal Palace in Brussels, the Belgian capital on April 21, 2016.

He has followed the economic development of Indonesia closely, and he gave high credit to the progress, King Philippe claimed.

He particularly expressed his support to the economic deregulation measures carried out by President Jokowi, who is expected to reveal his 12th economic stimulus package aimed at boosting investment and trade, in the very near future.

Belgium is Indonesias key partner, in terms of trade and investment.

Total trade between Indonesia and Belgium in 2015 reached US$1.67 billion, while investments amounted to US$7 million.

The European countrys investments in Indonesia include those in diverse fields, ranging from power generation to the cocoa processing industry.

Last March, the Belgian government sent a high-profile delegation to Indonesia, headed by Princess Astrid to strengthen bilateral economic relations, particularly in the fields of trade and investment.

Princess Astrid, as representative of King Philippe, headed a 301-member delegation to Indonesia from March 12 to 18, 2016.

In total, 127 companies and at least four ministers participated in the economic mission.

The delegation is the largest-ever Belgian mission to come to Indonesia, and this is a landmark in the growing ties between the two nations, the Belgian government said on its official website.

Some 25 Memoranda of Understanding (MoUs) and business contracts between business associations of both countries were signed during Princess Astrids visit to Jakarta.

Jokowi and Princess Astrid, during their meeting at the Merdeka Palace in Jakarta, on March 15, 2016, agreed that the two nations should step up economic cooperation.

The President expressed his optimism that Belgiums largest economic mission to Indonesia would help strengthen bilateral relations between both countries.

The Head of State also called for expanding interactions between the business communities of both nations, and for expanding market access for Indonesian products, such as footwear, rubber, textiles, electronics and furniture, to enter Belgium.

He also invited Belgian investors to start businesses in strategic sectors in Indonesia, such as infrastructure, telecommunications, the film industry, and raw materials.

However, in the meeting with the Belgian King in Brussels, President Jokowi conveyed Indonesias worries on several discriminative measures from EU countries to Indonesian Crude Palm Oil products.

"I believe Belgium will not take those discriminatory measures," the President said.

He also expressed his appreciation and gratitude for the decision to select Indonesia as the guest country for the 2017 Europalia Festival, as well as for the invitation to attend the inauguration of the festival.

"The festival is an opportunity for Indonesia to show the richness of its culture. I hope Your Majesty will support us for the success of the event," President Jokowi, who was accompanied by Coordinating Minister for the Economy Darmin Nasution, Minister of Foreign Affairs Retno L.P. Marsudi, Minister of Trade Thomas Lembong, and Cabinet Secretary Pramono Anung, said.

Coinciding with the Presidents visit, a round-table meeting was organized and attended by CEOs of 15 Belgian companies in Brussels on April 21.

Many people in the audience expressed interest in gaining insights into infrastructure development in Indonesia.

Head of the Indonesian Investment Coordinating Board (BKPM) Franky Sibarani and Chairman of the Indonesian Chamber of Commerce and Industry (Kadin) Roesan Roslani briefed them on the progress of infrastructure development projects, such as seaports, toll roads, and airports.

Most of the participating companies have invested in Indonesia and planned to expand their investments.

"For instance, a company that produces steel fiber expanded its investment worth US$50 million in Karawang; a knife manufacturing company has planned to open a new plant in Bekasi; and a retail company has planned to expand its network," Sibarani revealed.

Belgiums investment in the country reached $132 million during the 2010-2015 period, placing the nation in the 27th position on the list of Indonesias foreign investors, according to the BKPM data.

The European countrys investment commitment during the same period was recorded at $213.5 million comprising 64 projects.

Furthermore, the BKPM identified a Belgian firm, which is keen to invest US$574.5 million, or some Rp7.1 trillion, in seaport development.

The Belgian company had contacted a state-owned seaport operator to express its interest, Sibarani stated.

"The company has also urged the investment board to facilitate its plan, including coordinating with other related ministries or institutions," he remarked.

Meanwhile, Trade Minister Thomas Lembong stated that a series of economic policy packages issued by the government had made Indonesia a favorite investment destination.

"The policy packages have made Indonesia more attractive to foreign investors," Thomas Lembong, accompanying President Jokowi on a European tour that covers Germany, Britain, Belgium, and the Netherlands, said.

The policy packages had boosted trade cooperation between Indonesia and European countries, the minister believed.

The Indonesian government has issued 11 economic policy packages over the past several months marked by massive deregulation

Source: ANTARA