President Joko Widodo and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan at the Bogor Presidential Palace on Wednesday (July 24, 2019). (Antara/Bayu Prasetyo)

Indonesia - UEA confirm to strengthen partnership in 12 areas

Faradita Prayusti
Politics & Economic
Economic
Jul 25, 2019
2205
The cooperation between Indonesia and the United Emirate Arab (UEA) becomes more intense as the two countries reach an agreement to establish collaboration in 12 sectors, which mainly are in the economic area.

Indonesia and UEA have ratified the agreements by signing nine partnership's memoranda of understanding (MoUs).

According to Indonesia’s Foreign Minister Retno Marsudi, the discussion of economic affairs was very dominant and both of the government talked over the strategy to boost economic cooperation.

The discussion on investment and bilateral trade between Indonesia and the UEA had been discussed since early July. Vice President of Indonesia Yusuf Kalla had a meeting with Energy and Industry Minister of UEA Suhail Mohamed Al Mazrouei in Jakarta. The UEA wanted to boost Indonesia-UEA’s business relation and investment in Indonesia, according to Yusuf Kalla.

Both of the countries make an agreement on avoidance of double taxation in the economic sector. Finance Minister Sri Mulyani on behalf of Indonesia inked the MoU with Sultan bin Ahmed Aljaber. Minister Mulyani also has signed an MoU concerning customs and excise duties with Sultan bin Seed Almansoori, the UEA’s Minister of Economic Affairs.

Regarding investment, Indonesia and UEA have agreed to sign MoU on the protection of bilateral investment. Foreign Minister Marsudi together with UEA’s Minister of Home Affairs Sultan bin Ahmed signed the MoU. Both of Ministers also have inked MoU for the establishment of a joint committee for consular affairs.

Three business-to-business partnership MoUs, which are worth of US$9.7 billion (Rp136 trillion) also have signed by Indonesia and UEA, according to Minister Marsudi.

One of the MoUs is related to the outline of a comprehensive strategy between state-owned oil and gas company Pertamina and Abu Dhabi national oil firm ADNOC.

In front of President of Indonesia Joko Widodo and UEA’s Crown Prince Sheikh Mohamed bin Zayed Al Nahyan, the other business-to-business MoUs were inked by Erwin Ciputra, the President Director of Chandra Asri Petrochemical and Mubadala Musabbeh Al Kaabi, petroleum and petrochemical investment company’s CEO. In addition, Alim Markus, Maspion’s CEO and Sultan bin Sulayem, DP World’s CEO also signed the MoU.

Both of Indonesia and UEA are willing to develop their partnership in other potential sectors.

Enhancing partnership in the tourism industry, Indonesia’s Minister of Tourism Arief Yahya with Sultan bin Saeed Almansoori have inked an MoU on tourism cooperation.

The other cooperation MoUs on Industrial field, education, and cultural sector, in addition, maritime and fishery, as well as defense area, have been signed by both countries’ representatives.

The UEA’s plans on improving its partnership with Indonesia and investing in the country have been discussed since Minister Suhail Mohamed Faraj Al Mazrouei’s state visit in early July 2019.

During the meeting with the UEA’s Minister, Indonesia had set a target of US$5 billion investment from the country, according to Indonesia’s Minister of Energy and Mineral Resources Ignatius Jonan.

Source: https://en.antaranews.com/news/129616/indonesia-uae-agree-to-intensify-cooperation-in-12-sectors

Indonesia , UEA , Abu-Dhabi , Economic , Partnership , Cooperation , Investment