Foreign and Finance Ministries Collaborate to Strengthen Economic Diplomacy

Thepresidentpost.id - The Ministry of Foreign Affairs and the Ministry of Finance are collaborating to strengthen economic diplomacy by establishing a Memorandum of Understanding (MoU) in the Field of State Finance and Foreign Relations to Support Economic Diplomacy. The MoU was signed by Indonesian Foreign Minister Retno Marsudi and Indonesian Finance Minister Sri Mulyani Indrawati at the Ministry of Foreign Affairs Office, Jakarta, Monday (14/8).

In her remarks, Mrs Retno said that the MoU is proof of the institutional concern of the Ministry of Foreign Affairs and the Ministry of Finance for economic recovery and national priority programmes. This MoU is a form of genuine collaboration between the two ministries to strengthen economic diplomacy.

"The Ministry of Finance has the financial sector's resources, capacity, and data. The Ministry of Foreign Affairs has diplomatic infrastructure and foreign networks. We don't walk alone. We will complement each other, join forces," Retno said.

Retno said that the MoU ensures economic diplomacy that benefits the people. One of the focuses is to encourage MSMEs to go global.

"We understand that the President pays great attention on MSMEs because they are the backbone of the Indonesian economy. Through this MoU, the state and the government are present through strengthening policies in supporting MSMEs to penetrate potential markets," said the Foreign Minister.

Meanwhile, Minister of Finance Sri Mulyani, in her speech, said that this MoU is a breakthrough in encouraging the expansion of the capacity of SOEs and MSMEs amid global market uncertainty.

"The collaboration between the Ministry of Finance and the Ministry of Foreign Affairs in implementing economic diplomacy is supported by institutional instruments and financial policies that are expected to produce more innovations and programmes, including new opportunities for market expansion for MSMEs in the global market," said Sri Mulyani.

The MoU signing was witnessed by high-ranking officials of both Ministries, including online by 131 Indonesian Representatives abroad and the Heads of Customs, Tax, Treasury, and State Wealth Regional Offices throughout Indonesia.

On the occasion, the two Ministers also gave substantive directions to 131 Indonesian Representatives to compile comprehensive studies and market intelligence on the potential of MSME products in countries of accreditation and build targeted evaluation mechanisms.

The two ministries will organise business sharing between MSMEs and Indonesian Representatives to bridge the interests of MSMEs with foreign markets. The Directorate General of Customs arranged this activity in collaboration with the Secretariat General of the Ministry of Foreign Affairs by promoting the progress of the MSME sector, assisted by the Ministry of Finance.

The two ministries have also developed further programmes that will complement the implementation of the MoU, focusing on developing and facilitating Indonesian MSMEs.