Trade, investment and collaboration opportunities with Indonesia are set to be bolstered across new growth areas with the renewal of a Memorandum of Understanding (MoU) between NSW and Jakarta.
Minister for Enterprise, Investment and Trade Alister Henskens said the updated MoU strengthens the 28-year Sister State-Province agreement NSW has with Jakarta.
"Indonesia boasts an economy growing at 5 per cent per annum that has already passed $US 1 trillion and by 2030, Indonesia is projected to be the seventh largest economy in the world," Mr Henskens said.
"There are many exciting opportunities for NSW businesses to expand into Indonesia and Jakarta is home to a growing consumer market eager for high-quality food and health products, growing infrastructure needs and a thriving technology sector.
"NSW also has world-class educational and vocational training services and with an increasing demand from Indonesia for high quality educational providers this is another growth opportunity for one of NSW's largest exports."
The agreement focuses on four key areas across agribusiness, food and beverage, technology, innovation and startups, tourism and education to increase collaboration to generate commercial outcomes for NSW and Indonesian businesses.
A focus of the agreement is to help increase links in tourism and education with 55 per cent of Indonesian students currently studying in Australia choosing to study in NSW.
Jakarta's Caretaker Governor, Heru Budi Hartono, welcomes the cooperation between the two states and hopes this can create economic opportunities that benefit Jakarta's development.
"Jakarta is continuously progressing to be a smarter city and better living environment for its residents. We hope the cooperation built with NSW can help to improve our resilience against future challenges, including climate change and healthcare. Furthermore, this relationship can be a platform for mutual learning and benefit in the effort to develop our city or state," Caretaker Governor Heru said.
