Saudi Arabia and Indonesia have engaged in discussions to strengthen economic cooperation and explore mutually beneficial investment opportunities within the industrial sector.
Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef met with Indonesian Industry Minister Agus Gumiwang Kartasasmita in Jakarta.
The ministers discussed strengthening the longstanding trade ties between Indonesia and Saudi Arabia. Both nations share similar industrial growth objectives, including attracting foreign investment and developing their downstream industries.
Alkhorayef emphasized Saudi Arabia’s Vision 2030, the National Industrial Strategy, and other initiatives designed to support growth in Saudi Arabia’s industrial sector. He highlighted the Kingdom’s pursuit of developing key industrial clusters, pointing to the enablers and incentives offered by the Kingdom to investors and the unique opportunities available for Indonesian businesses to establish and expand their investments in the Kingdom.
Saudi Arabia and Indonesia have been strengthening their economic ties through various strategic initiatives, focusing on investment, energy, infrastructure, and trade. Saudi Arabia is Indonesia’s largest trading partner in the Middle East. Between 2016 and 2021, Saudi Arabia invested approximately $24.6 billion in Indonesia.
The meeting concluded with an invitation to the Indonesian minister of industry to attend the Future Minerals Forum (FMF). Taking place in Riyadh, the global platform brings together governments, investors, and mining industry leaders to shape the future of the global minerals sector. Indonesia’s attendance would provide the opportunity to build on existing relations between Saudi Arabia and Indonesia in the critical minerals sectors.
According to the statement, these moves reflect a growing partnership between Saudi Arabia and Indonesia, aiming to foster mutual economic growth and development across various sectors.
