Indonesia achieved a trade balance surplus against Switzerland in the first half of 2021. The surplus reached 715.34 million US dollars (Rp 10.37 trillion).

This increase was announced by the Indonesian Embassy in Bern. The increase in the value of Indonesia's exports to Switzerland occurred in almost all major export commodities, except for precious metals, jewelry/gems (HS71).

Exports of precious metals, jewelry/gems (HS 71) experienced a significant decline from US$1.04 billion in the first half of 2020 to US$665.97 million in the same period this year. This decline resulted in the Indonesia-Switzerland trade balance surplus to decrease from Rp. 13.03 trillion in the first semester of 2020 to Rp. 10.37 trillion in the same period in 2021.

However, a significant increase occurred in 36 percent of essential oil commodities, 22 percent of furniture, 17 percent of knitted textile products and 15 percent of footwear. Indonesia's ten main export commodities to Switzerland based on the order of their export values ​​include precious metals, jewelry/gems (HS 71), footwear (HS 64), non-knitted textile products (HS 62), knitted textile products (HS 61), electrical equipment ( HS 85), furniture (HS 94), coffee (HS 0901), essential oils (HS 3301.29), turbine engines and spare parts (HS 84) and organic chemicals (HS 29).

The Indonesian Ambassador to Switzerland and Liechtenstein, Muliaman Hadad, estimates that in the third and fourth quarters of 2021, the trade balance will still increase as in the same period last year. "The relaxation of public activities in Switzerland related to Covid-19 will encourage an increase in Swiss economic activity, so it is hoped that it will increase demand for Indonesian products," Ambassador Muliaman said.

Indonesia-Switzerland relations have improved not only between governments but also between business people and people-to-people. 2021 is the year of celebration of the 70th anniversary of Indonesia's relations with Switzerland, since the opening of diplomatic relations between the two countries in 1951.

Indonesia is one of Switzerland's priority countries through the Indonesia Cooperation Program 2021-2024, with funding support of CHF 65 million. These programs, among others, focus on promoting inclusive and sustainable development, improving urban planning (effective public institutions) and developing MSMEs.

Meanwhile, Switzerland is the second largest investor from the European continent which occupies the top 10 Foreign Direct Investment in Indonesia. According to data from the Ministry of Investment/BKPM, in the first semester of 2021, the value of Swiss investment in Indonesia was US$469.5 million with a total of 199 projects. For information, there are currently 150 Swiss companies in Indonesia, which have also absorbed 50 thousand workers in Indonesia.

"The progress that has been achieved is expected to continue to increase with the commitment of the two countries to continue to strengthen partnerships, especially in economic relations, as well as Switzerland's commitment to support in a comprehensive economic partnership after all parties ratify the Indonesia-EFTA CEPA," Ambassador Muliaman said.

"This agreement does not only cover cooperation in trade in goods and services, but also investment," he concluded.