Thursday, 03 September 2026
Indonesia and Spain have been looking at ways to strengthen their economic relationship, particularly in trade and investment. With both countries having different strengths and markets, there is plenty of room for cooperation in the years ahead.
The discussion took place during the 2022 G20 Trade, Investment, and Industry Ministerial Meeting (TIIMM) in Bali. Indonesian Trade Minister Zulkifli Hasan met with Spain’s Industry, Trade, and Tourism Minister María Reyes Maroto Illera to discuss opportunities for expanding cooperation between the two countries.
During the meeting, both sides saw potential for increasing trade and investment in several sectors. Fisheries and tourism were specifically mentioned as areas where Indonesia and Spain could explore greater cooperation.
This is interesting because Indonesia has a huge domestic market and a wide range of natural resources, while Spain provides access to the European market and has experience in several industries. Stronger cooperation could therefore benefit businesses from both sides.
The two ministers also highlighted the importance of increasing interaction between Indonesian and Spanish business communities. In other words, government-to-government discussions are only one part of the equation. Businesses also need opportunities to meet, explore partnerships, and understand what each market has to offer.
To encourage this, Indonesia invited Spanish business players to participate in the 37th Trade Expo Indonesia (TEI), which was scheduled to take place in October 2022. Events like this can give companies a chance to look for potential buyers, suppliers, investors, and business partners.
The trade relationship between Indonesia and Spain was already showing positive momentum at the time. From January to July 2022, total trade between the two countries reached US$1.6 billion, representing a 6.71 percent increase compared with the same period a year earlier. In 2021, total bilateral trade reached US$3 billion, up 53.83 percent from 2020.
Indonesia also recorded a trade surplus with Spain in 2021. Indonesian exports to Spain were valued at around US$2.3 billion, while imports from Spain reached approximately US$684.1 million. Indonesian exports included palm oil, copper ore and concentrates, steel, monocarboxylic fatty acids, and animal and vegetable fats.
On the other hand, Indonesia imported products from Spain such as human and animal vaccines, medicines, food coloring, recycled paper or cardboard, and perfumes and fragrances.
Looking ahead, one important issue discussed by the two countries was the Indonesia-European Union Comprehensive Economic Partnership Agreement, or CEPA. Both ministers supported efforts to conclude the negotiations as soon as possible. The agreement was expected to help create more opportunities for economic cooperation between Indonesia and Spain because Spain is part of the European Union.
For Indonesia, closer relations with Spain could open more doors for exports and foreign investment. Tourism and fisheries are particularly interesting sectors, but cooperation could potentially grow into other areas as business connections become stronger.
For Spain, Indonesia offers access to one of Southeast Asia’s largest economies and a strategic location in the wider ASEAN region. That makes Indonesia an attractive partner for companies looking to expand their presence in the region.
So, while trade cooperation may sound like something discussed only in government meetings, its impact can reach ordinary businesses and consumers. More investment can create business opportunities, while stronger trade links can give companies access to new markets.
Indonesia and Spain may be separated by thousands of kilometers, but their growing economic relationship shows that distance does not have to be a barrier. With stronger business connections and supportive trade policies, cooperation between the two countries could become even more important in the future.
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