Indonesia Exports to Armenia Jump 83% as Industrial Ties Deepen
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YEKATERINBURG, Russia — Jakartaweekly.com. Indonesia and Armenia are moving to deepen industrial cooperation after bilateral talks between Indonesian Minister of Industry Agus Gumiwang Kartasasmita and Armenian Minister of Economy Gevorg Papoyan on the sidelines of INNOPROM 2026, one of Eurasia’s largest industrial exhibitions.
The meeting marked another milestone in the two countries’ growing economic relationship as Indonesia and Armenia celebrate 34 years of diplomatic ties, established on 22 September 1992.
“Thirty-four years of diplomatic relations reflect our shared commitment to strengthening economic and industrial cooperation. We believe this longstanding partnership will continue to grow, creating broader collaboration opportunities that benefit both countries,” Agus said during the bilateral meeting in Yekaterinburg.
Trade between the two countries has expanded significantly in recent years.
According to Indonesia’s Ministry of Industry, total bilateral trade reached US$26.7 million in 2025, recording an average annual growth of 70.64% between 2021 and 2025, entirely supported by non-oil and gas products.
Indonesia’s exports to Armenia climbed to US$26.2 million in 2025, representing an impressive 83.63% annual growth rate over the same period.
Indonesia’s major exports include coffee, tea, spices, mechanical machinery, palm oil products, cocoa, soap, rubber, optical fiber products, musical instruments, and leather goods.
Meanwhile, imports from Armenia remain relatively limited, presenting new opportunities for expanded trade. Armenia possesses competitive strengths in aluminum products, machinery, electrical equipment, tobacco products, and garments, creating complementary trade patterns that could support future industrial collaboration.
Agus said Indonesia views Armenia not only as a bilateral trading partner but also as a strategic gateway to the Commonwealth of Independent States (CIS) through its membership in the Eurasian Economic Union (EAEU).
“Armenia’s position within the Eurasian Economic Union provides significant added value for expanding industrial cooperation and market access across the Eurasian region,” he said.
The partnership is expected to gain further momentum following the signing of the Indonesia–Eurasian Economic Union Free Trade Agreement (I-EAEU FTA) in St. Petersburg on 21 December 2025.
The agreement opens access to a regional market of nearly 180 million consumers, with more than 85% of traded goods expected to receive preferential tariff treatment, creating new export opportunities for Indonesian manufacturers.
To strengthen long-term industrial collaboration, Indonesia’s Ministry of Industry has submitted a draft Memorandum of Understanding (MoU) on Industrial Cooperation to the Armenian government through diplomatic channels.
The proposed agreement covers a broad range of cooperation, including:
The ministry hopes Armenia will respond positively so negotiations can move toward finalization.
The meeting with Armenia formed part of a series of bilateral discussions held by Minister Agus during the opening day of INNOPROM 2026, which also included meetings with several other participating countries.
This year’s exhibition features nearly 900 exhibitors from more than 50 countries across a 50,000-square-meter exhibition area, making it the largest industrial trade fair in the Eurasian region.
Indonesia’s participation as the Partner Country at INNOPROM 2026 is expected to strengthen the country’s industrial profile in Eurasia, attract new investment, facilitate technology transfer, and create new industrial partnerships with regional economies—including Armenia.
The Ministry of Industry said it hopes discussions initiated during the exhibition, including the proposed industrial cooperation agreement, will soon translate into concrete projects that support industrial growth and economic development in both countries.