The two ministers inked a memorandum of understanding (MoU) on establishing the joint team here on Friday.
"Under the MoU, we will establish a joint team of BUMN Go Global to support BUMNs to go global and identify inbound and outbound investment opportunities," Foreign Affairs Minister Retno Marsudi stated.
Marsudi noted that the MoU would serve as a legal basis for the cooperation in future.
"The Ministry of Foreign Affairs will fully support the BUMN Go Global Program," Marsudi affirmed.
Marsudi pointed to the two ministries merely taking a week to agree upon the draft of the agreement.
State Enterprises Minister Erick Thohir highlighted that the two goals outlined under the BUMN Go Global program were to expand marketing of BUMN-made products in the foreign market and to increase supply chain in the domestic market.
"With the BUMN Go Global Program, we want to participate to improve the supply chain in Indonesia," Thohir stated.
Despite its potential market and copious natural resources, Indonesia falls short in terms of the management of logistics and technology development due to which it has become a target of imported products.
Thohir noted that some state-owned firms' products, including a vaccine manufactured by pharmaceutical firm Biofarma, have gained recognition in foreign markets.
"They (BUMN-made products) have been recognized in some countries. For instance, the vaccine produced by Biofarma. Our defense industry has also gained acceptance in Southeast Asia, and there are several others that we need to improve," he added.
EDITED BY INE