Indonesia, Spain to step up bilateral financial cooperation: Ministry

Jakarta (ANTARA) - Indonesia and Spain concurred on strengthening their financial cooperation through the Indonesia-Spain Bilateral Financial Cooperation Mechanism to support sustainable development and economic innovation.

This commitment was one of the main topics discussed at the third Indonesia-Spain Political Consultation hosted by the Indonesian Foreign Affairs Ministry on Tuesday (March 11).

According to the ministry's Director General of America and Europe, Umar Hadi, who led the Indonesian delegation in the consultation agenda, the cooperation not only increases funding efficiency but also widens opportunities for innovative cooperation in various sectors.

"The benefits of the Indonesia-Spain financial cooperation mechanism may support strategic projects such as the Integrated Maritime and Fisheries Surveillance System, as well as strengthening the cybersecurity ecosystem in Indonesia," Hadi noted in a statement on Thursday.

Meanwhile, Director General of North America, Eastern Europe, and Asia-Pacific of the Spanish Ministry of Foreign Affairs, Luis Fonseca Sanchez, stated that the cooperation demonstrated the joint commitment of both countries in facing global challenges.

"Spain greatly appreciates this partnership, which reflects a shared vision to support economic growth and innovation," he disclosed.

He expressed hope for broader cooperation in the future, especially in the renewable energy sector, such as the Just Energy Transition Partnership (JETP).

Cooperation with Spain in renewable energy is deemed appropriate since it is one of the European countries with the fastest development in this sector, particularly in wind and solar power.

According to the Indonesian Ministry of Foreign Affairs, Spain produced 149 TWh of renewable energy, accounting for 56 percent of its energy supply, while fossil fuel usage in the country continued to decrease to just 1.1 percent.

The delegations from both countries also explored ways to enhance people-to-people interaction through education initiatives, including teaching Spanish on Indonesian campuses and opening Indonesian for Foreign Speakers (BIPA) classes for Spanish citizens.

Spain is also expected to offer scholarships to Indonesian students and encourage more Spanish students to study in Indonesia through several scholarships, including the Indonesian Arts and Culture Scholarship (BSBI).