UAE Commits over $32 Billion to Indonesia Investments

JAKARTA, KOMPAS.com – The United Arab Emirates (UAE) has expressed its commitment to invest in several projects worth $32.7 billion in Indonesia, an official said on Thursday, November 4.

“During the President’s visit to UAE, several business commitments and investments have been made through 19 agreements which will be signed tomorrow in Dubai,” Indonesia’s Foreign Minister Retno Marsudi told a virtual press conference via the Presidential Secretariat’s YouTube channel.

Retno said the agreements include the cooperation between Indonesia and the Abu Dhabi Growth Fund, DP World, and the development of a floating solar power plant between Abu Dhabi renewable energy company Masdar and Indonesia’s oil and gas firm PT Pertamina. The business commitments also comprise Balikpapan refinery as well as manufacture and distribution of vaccines and bioproducts.

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Besides, the investment projects will also cover several fields, including smart cities, telecommunications, and the development of genomics laboratories under the G42 agreements with various partners in Indonesia

“The Investment Minister will continue to hold meetings, including the meetings with large American companies which hopefully will lead to new commitments,” said Retno.

She further added that recently Indonesian officials received investment commitments worth $9.2 billion during meetings with investors on the sidelines of the COP26 climate conference in Glasgow.

“In total, the value of the commitments as of now reach $9.2 billion and $32.7 billion. We hope that a new commitment will be made tomorrow,” she said.

During the visit to UAE, President Joko “Jokowi” Widodo also met with Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. During the 2.5-hour meeting, the two leaders discussed mutual concerns in several fields, including renewable energy, the development of Indonesia’s new capital in East Kalimantan Province, investment, and trade.

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“President has invited the Crown Prince to attend the G20 Summit as a guest of the chair in October 2022,” she said.

“The Crown Prince welcomes the invitation as the UAE is one of the guests of 2022 Indonesian Presidency.”

Planting a mangrove tree

After meeting with the Crown Prince, President Jokowi proceeded to the Jubail Mangrove Park, the first mangrove forest park in Abu Dhabi. He then planted a mangrove tree in the park with a total area spanning 120,000 square meters.

Minister Retno said that Jokowi and the Crown Prince agreed to collaborate in the mangrove research as the mangrove forest plays an important role in the ecosystem.