Indonesia Explores Eurasian Market through Industrial Partnership with Armenia

RRI.CO.ID, Jakarta - Indonesia and Armenia are opening new opportunities to expand economic ties in the industrial sector, reinforcing a partnership that has lasted more than three decades.

Indonesian Industry Minister Agus Gumiwang Kartasasmita met Armenian Minister of Economy and Trade Gevorg Papoyan on the sidelines of the opening of INNOPROM 2026, Russia’s largest international industrial exhibition, in Yekaterinburg. The meeting focused on industrial cooperation, investment, and supply chains.

“I am confident that the spirit of partnership built over more than three decades will continue to grow, opening broader opportunities for collaboration and delivering benefits for both countries,” Minister Agus said in a statement quoted on the Ministry’s official website in Jakarta on Thursday, July 9, 2026.

The Ministry has submitted a draft Memorandum of Understanding (MoU) on industrial cooperation to the Armenian government through diplomatic channels.

The document covers information exchange on industrial regulations, business strengthening, technology transfer, industrial zone development, and human resource capacity building.

Minister Agus noted that Indonesia‑Armenia trade relations continue to grow.

Bilateral trade reached USD 26.7 million in 2025, with an average annual growth rate of 70.64 percent during 2021–2025. Indonesia’s exports to Armenia totaled USD 26.2 million in 2025, growing at an average annual rate of 83.63 percent.

Key exports include coffee, tea, spices, machinery, palm oil, cocoa, soap, rubber, optical fiber, and leather goods.

“Indonesia views Armenia not only as a bilateral partner but also as a strategic gateway to the dynamic Commonwealth of Independent States (CIS) region through its membership in the Eurasian Economic Union (EAEU). This provides significant added value for the future development of industrial cooperation,” Minister Agus said.

Armenia’s membership in the EAEU offers Indonesia’s industries wider market access, a benefit further strengthened by the Indonesia‑EAEU Free Trade Agreement (I‑EAEU FTA) signed on December 21, 2025. The agreement opened access to the Eurasian region, with more than 85 percent of trade value benefiting from preferential tariffs.

The Ministry expects MoU discussions to proceed promptly so that concrete cooperation with Armenia can be realized. The bilateral meeting was part of Indonesia’s broader engagement at INNOPROM 2026, which features nearly 900 exhibitors from more than 50 countries.

As Partner Country, Indonesia is using the event to strengthen its industrial branding in Eurasia, expand investment opportunities, and build new industrial partnerships, including with Armenia. ***