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Govt hopes to realize $45 billion worth of UAE deals by 2024
The investment deals were secured during President Jokowi's recent visit to the UAE.
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Investment Minister Bahlil Lahadalia delivers a presentation about investment realizations in the third quarter of 2021 on Oct. 27. (Courtesy of BKPM/Investment Ministry)
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nvestment Minister Bahlil Lahadalia has said that by 2024, Indonesia aimed to follow through with all the investment commitments secured during President Joko "Jokowi" Widodo's recent visit to the United Arab Emirates (UAE).
The investment commitments, which are worth US$44.6 billion, are coming from UAE businesses in various sectors, including infrastructure and energy. The figure is 36 percent higher than the figure announced by officials last week.
Read also: UAE to invest $32.7b in Indonesia
Bahlil said the investment included a $15 billion deal between American chemical company Air Products and Chemicals Inc., as well as four Indonesian companies, including coal mining giants PT Indika Energy and PT Bukit Asam, to develop coal gasification facilities in the Southeast Asian country.
“We want to focus on the downstream industry to create added value and import substitution; this is what's most important,” Bahlil said in a virtual press briefing on Thursday.
He said the government had also secured investments worth $10 billion to develop the new capital city. The investments will be managed by the Indonesia Investment Authority (INA) wealth fund.
The investment commitments marked a new milestone in the relationship between Indonesia and the UAE after President Jokowi met Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan in the middle eastern country last week.
