CCIWA’s trade team discussed trade and investment opportunities for WA companies looking to expand their business in Indonesia and Malaysia during two recent high-level meetings.
Indonesian Ambassador to Australia, His Excellency Siswo Pramono, met with Michael Carter, head of the International Trade and Investment Centre (ITIC), on his first official visit to WA.
Carter said the meeting, which was also attended by CCIWA President Nicolle Jenkins and Indonesian Consul General Perth Listiana Operananta, involved discussing mutual areas of trade and investment, interest and engagement.
“At the end of the day the importance of the value of the people-to-people linkages is what underpins trust, openness and willingness to do business,” Carter said. “The Indonesian consulate has been extremely active and effective in forging strong relationships with CCIWA and the broader international community in WA.”
Indonesia is Western Australia’s ninth-largest trading partner, with $4.1 billion of goods traded in 2021.
WA exported $3.3b of goods to Indonesia in 2021, above the annual average of $2.1b over the past 10 years, according to the Department of Jobs, Tourism, Science and Innovation (JTSI). Petroleum accounted for 32 per cent of the State’s goods exports to Indonesia in 2021, followed by iron ore (28 per cent) and wheat (20 per cent).
Pre-COVID, Indonesia was WA’s 13th largest market for international students, accounting for 2 per cent of the State’s total international student enrolments in 2021.
“We know that businesses are already taking up export opportunities in Indonesia, which is currently ITIC’s second-largest market for issuance of Certificates of Origin,” he said.
Prime Minister Anthony Albanese’s visit to Indonesia soon after he was sworn in showed the value that Australia placed on the relationship between the two countries, he added.
Meeting the Malaysian High Commissioner
The ITIC team also met with Malaysian High Commissioner to Australia, HE Dato Roslan Abdul Rahman, last month to discuss opportunities for WA companies in Malaysia.
Carter said the meeting included discussing CCIWA’s international trade, industry capability network and membership services and how they can help more businesses engage with Malaysia.
“In particular, WA businesses need to realise that Malaysia, in addition to being a vibrant export market, is also an attractive investment destination for WA businesses to set up and position Malaysia as a regional hub to expand their business across South-East Asia,” Carter said.
“It is one of the reasons we work closely with the Malaysian Investment Development Authority (MIDA).”
JTSI data shows Malaysia is WA’s eighth-largest trading partner, with $4.5b of goods traded in 2021.
WA exported $2.7b of goods to Malaysia in 2021, above the annual average of $2b over the past 10 years. Petroleum accounted for 51 per cent of WA’s goods exports to Malaysia in 2021, followed by alumina (19 per cent) and iron ore (10 per cent).
Carter said WA companies can decide the relevant FTAs that WA businesses can leverage in Malaysia, including: the AANZFTA, MAFTA and CPTPP, though Malaysia is still in the process of completing its respective ratification processes for the CPTPP.
CCIWA’s International Trade and Investment Centre (ITIC) helps businesses reduce the time, cost and risk of going global. Contact the team for a free consultation on (08) 9365 7620 or via firstname.lastname@example.org.