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Indonesia-Saudi Arabia Agree On Rp437 Trillion Investment

Indonesia and Saudi Arabia have agreed to invest US$27 billion (around Rp437 trillion) in a number of fields, including clean energy, the petrochemical industry, and aviation fuel services. 

As reported on Thursday, the investment was established during a bilateral meeting between Indonesian President Prabowo Subianto and Crown Prince and Prime Minister of the Kingdom of Saudi Arabia Prince Mohammed bin Salman bin Abdulaziz Al Saud (MBS), at the Al-Salam Palace, Jeddah, Saudi Arabia, Wednesday (2/7). 

"Both parties welcomed the signing of a number of agreements and memorandums of understanding during this visit between private sector institutions, worth around US$27 billion in a number of fields, including clean energy, the petrochemical industry, and aviation fuel services, reflecting the aspirations of both parties towards an advanced economic partnership," as stated in a joint statement issued by the two countries in writing. 

President Prabowo and Prince MBS expressed their shared aspirations to strengthen strategic cooperation in the health sector, particularly related to the implementation of health requirements for the Hajj and Umrah. 

Both countries are also committed to supporting investment in the pharmaceutical, vaccine, health technology industries, and human resource development sectors. 

In addition, both countries also emphasized the importance of strengthening partnerships in various other strategic sectors. Starting from the digital economy, justice system, employment, culture, tourism, youth and sports, education and scientific research, industry and mining, agriculture, fisheries and food security, to flight connectivity. 

In the field of defense and security, the two leaders agreed to strengthen cooperation for common interests and contributions to regional and world stability. The main focus includes cooperation on counter-terrorism, countering extremism, cybersecurity, and exchange of information and training. 

"They also emphasized their commitment to strengthening joint security cooperation and coordination on issues of common interest, including eradicating all forms of crime, terrorism, and extremism and their financing, as well as strengthening cooperation in the field of cybersecurity and exchange of information, expertise, and training," the joint statement said. 

The two leaders also welcomed the signing of a number of agreements and memorandums of understanding between Indonesian and Saudi Arabian business actors, with a total value of around IDR 437 trillion. 

The two countries also emphasized the importance of cooperation in multilateral forums, such as the IMF, World Bank, OIC, G20, and the Non-Aligned Movement, in order to face global challenges and fight for common interests. 

Tag: Indonesia Prabowo Subianto Prince Mohammed Bin Salman Bin Abdulaziz Al Saud Saudi Arabia