The Diplomat in Spain

Jakarta Commercial District./ Photo: Muhammad Rasyid Prabowo/flickr/ CC BY-SA 2.0

The Diplomat. 23/07/2018

The State Risk Committee (CRE) decided to keep open, without any restrictions, the insurance coverage of the Spanish export credit agency (CESCE) for the operations of Spanish companies in Indonesia.

The decision, taken during the last meeting of the Risk Committee, includes short, medium and long term projects.

According to CESCE, Indonesia is a diversified economy, with a dynamic internal market and a large endowment of natural resources. Two rating agencies improved their investment grade rating in 2017 and a third did so in 2018.

Besides, according to the Spanish Confederation of Business Organizations (CEOE), Indonesia is a priority market for Spain. Many Spanish companies have already settled in that country, where they develop projects in the aerospace, defense, petrochemical, tourism, infrastructure, environment and renewable energy sectors.

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The rating agencies have improved the rating of the country in the last two years

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Precisely, a delegation of the CEOE recently signed a collaboration agreement in Jakarta with the Chamber of Commerce and Industry of Indonesia (KADIN) to encourage investment and the presence of companies from both countries in Spain and Indonesia.

The State Risk Committee is the decision-making interministerial professional body responsible for the control, monitoring and participation of the Administration in the management of the State risk coverage carried out by CESCE.