Jakarta - The Indonesian Chamber of Commerce and Industry (Kadin Indonesia), together with the Far East and Arctic Development Corporation (FEDC) of Russia, signed a Memorandum of Understanding (MoU) on trade, economic, and investment cooperation between Indonesia and Russia during The 13th Session of the Indonesia-Russia Joint Commission on Trade, Economic, and Technical Cooperation.

The signing ceremony took place on Tuesday, April 15, 2025, at the AA Maramis Building, Ministry of Finance Complex, Central Jakarta. The event was witnessed by Indonesia’s Coordinating Minister for Economic Affairs, Airlangga Hartarto.

The MoU was signed by Chairman of Kadin Indonesia, Anindya Novyan Bakrie, and Deputy CEO of FEDC, Kirill Kamenav.

"What I want to emphasize is that Indonesia is always looking for new markets for trade and for partners to foster mutual investment," said Anindya, who is commonly known as Anin.

Anin highlighted the long-standing historical ties between Indonesia and Russia, tracing back to collaborative projects in the early post-independence era, such as the construction of Gelora Bung Karno Stadium and the Friendship Hospital (RS Persahabatan), both built through bilateral cooperation.

In terms of trade, Anin revealed that Indonesia’s current exports to Russia are nearing USD 1 billion, while imports from Russia are valued at around USD 2.4 billion.

Russian exports to Indonesia include oil, fertilizers, and seafood such as fish and crab. Meanwhile, Indonesia exports products such as palm oil, machinery, rubber, footwear, coffee, and tea to Russia.

"If you look at the figures, we are still at a deficit. They export about USD 2.5 billion to us, while we export close to USD 1 billion. But with cooperation like this, I am confident we can not only balance the trade but also grow it significantly," Anin stated.

Beyond trade, the partnership aims to bolster investment ties. Through this collaboration, Kadin has successfully engaged with the Russian business sector—one of the world’s major economic players.

The Russian private sector is considered strong in several strategic areas, including oil and gas, defense, research, and education.

Several oil and gas projects were discussed during the meeting, including opportunities for collaboration with Indonesian state-owned enterprises, such as Pertamina.

Anin also noted that Kadin will continue to actively support the government’s international economic diplomacy efforts, including upcoming participation in the St. Petersburg Economic Forum in June 2025, the Eastern Economic Forum in Vladivostok in September, and the BRICS Summit in Brazil this July.

"This is a great opportunity. We must keep seeking alternative markets, especially with countries that have a long-standing relationship with us. There’s still room for us to balance our trade relations," he said.

Anin emphasized that these economic diplomacy efforts are ultimately aimed at creating direct benefits for Kadin members, including large corporations, state-owned enterprises (SOEs), and micro, small, and medium enterprises (MSMEs).

"This initiative is not just about international diplomacy. Ultimately, it’s about delivering real impact for our members—not just in terms of foreign exchange, but also in opening up new markets beyond our existing partners like China and the United States," he concluded.

About FEDC (Far East and Arctic Development Corporation)

FEDC is a Russian state development agency under the Ministry for the Development of the Russian Far East and Arctic. Its mandate is to develop and implement economic and social projects across the Far Eastern Federal District and the Arctic Zone of the Russian Federation.