Indonesia and UAE sign business deals worth $23 billion

On Monday in a tweet, Indonesian President Joko Widodo stated, Indonesia has signed 11 business deals with the United Arab Emirates worth a combined $23 billion (314.9 trillion rupiah).

The deals covers investments in areas including energy.

Widodo mentioned that he was witness to the signing of the deals with Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed over the weekend during an official visit to Abu Dhabi.

Indonesian President Joko Widodo, who began his second term in office in October, is keen to boost foreign investment to help create more jobs and boost the country’s economic growth. Since years Indonesia’s economic growth has been stuck at around 5%.

According to a news report by UAE state news agency WAM, Abu Dhabi National Oil Company (ADNOC) has signed deals with Indonesian companies PT Pertamina and PT Chandra Asri Petrochemicals.

These deals include an agreement for ADNOC to supply 528,000 tonnes of liquid petroleum gas (LPG) to Pertamina by the end of 2020, said WAM.

Before the visit, Indonesian ministers had outlined some of the deals, which includes an agreement between Pertamina and ADNOC to upgrade a refinery in Balongan, West Java.

Five agreement were also signed between the government, which covers areas ranging from counter terrorism, health, education, and agriculture, said Indonesian Foreign Minister Retno Marsudi in a statement.

Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed and Widodo also discussed a plan to establish a sovereign wealth fund, said Indonesia’s Coordinating Minister for Maritime and Investment Affairs Luhut Pandjaitan.

He went to add, Softbank and the U.S. International Development Finance Corp (IDFC) were also interested in participating in the fund.

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