admin Indonesian President Joko Widodo said via Twitter that Indonesia signed 11 business deals worth a combined 314.9 trillion rupiah ($23 billion) with the United Arab Emirates.
From October’19, President Widodo has started his second term in office and to help create jobs and boost growth in Southeast Asia’s biggest economy, Widodo is resilient to boost foreign investment.
During an official visit to Abu Dhabi on the weekend, Widodo witnessed the signing of the deals with Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed.
Abu Dhabi National Oil Company (ADNOC) has signed deals with Indonesian companies PT Pertamina and PT Chandra Asri Petrochemicals (TPIA.JK) in the petrochemical and gas sectors. This agreement is for ADNOC to supply 528,000 tonnes of liquid petroleum gas (LPG) to Pertamina by the end of 2020.
Indonesian ministers had defined some of the deals including an agreement between ADNOC and Pertamina to upgrade a refinery in Balongan, West Java, prior to the visit.
Widodo further added that five agreements were also signed between the governments, these agreements covered health, agriculture, education, and counter-terrorism.
Luhut Pandjaitan, Indonesia’s Coordinating Minister for Maritime and Investment Affairs said that, President Widodo and the crown prince also discussed a plan to establish a sovereign wealth fund.
Pandjaitan added, “Japan’s Softbank and the U.S. International Development Finance Corp (IDFC) were also interested in taking part in the fund.”
The UAE would be able to use the fund to invest in the development of Indonesia’s proposed new capital in East Kalimantan province on Borneo Island. It is also interested in investing in a property development in Aceh province on Indonesia’s Sumatra island, Pandjaitan said.
Magazine 
