Saudi Arabia and Indonesia signed several deals and memoranda of understanding worth around $27 billion between private sector institutions in fields including clean energy, petrochemical industries and aviation fuel services, which reflects the aspirations of both sides towards an advanced economic partnership.
This came during Indonesian President Prabowo Subianto’s visit to the Kingdom on Wednesday, where he met with Saudi Crown Prince Mohammed bin Salman.
Stronger cooperation in oil supply
Both sides also agreed on the importance of enhancing cooperation in the supply of crude oil and its derivatives, petrochemicals and joint work to exploit investment opportunities in the fields of refining and petrochemicals, as well as cooperation in innovative uses of hydrocarbons with an emphasis on sustainability.
Saudi Arabia and Indonesia also agreed to develop and sustain supply chains for the energy sectors, and enable cooperation between companies to maximize the benefit from local resources in both countries, thus contributing to achieving flexibility and efficiency of energy supplies, as well as enhancing local content, empowering domestic industries, and buildinh more resilient and inclusive supply chains.
The two sides commended the level of bilateral trade, which amounted to about $ 31.5 billion during the past five years, making Saudi Arabia the top trading partner of the Republic of Indonesia in the region.
Saudi Arabia’s ACWA Power signed initial agreements to explore investment opportunities in renewable energy projects with sovereign wealth fund Danantara Indonesia and state energy firm Pertamina, according to a statement from Danantara. The companies are expected to explore potential investments with up to $10 billion worth of project funding, Danantara added.
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Saudi Arabia and Indonesia seek stronger ties in key sectors
During the President’s visit, Saudi Arabia and Indonesia also emphasized the importance of enhancing cooperation and partnership in several sectors including the digital economy and innovation, judiciary and justice, labor and human resources, culture, tourism, sports and youth, education and scientific research and industry and mining.
Moreover, they seek to expand their partnership in agriculture, fisheries, and food security, enhancing air connectivity between the two countries and providing the necessary facilities and exemptions for the carriers of the two countries.
At the conclusion of the state visit, Indonesia’s President expressed his thanks and appreciation to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, for the warm welcome and generous hospitality accorded to the Indonesian President and the accompanying delegation.
President Prabowo also extended an invitation to HRH the Crown Prince to undertake a reciprocal visit to Indonesia at a mutually convenient date. HRH the Crown Prince also expressed his best wishes for the Indonesian President’s health and happiness, and for further progress and prosperity for the brotherly Indonesian people.
