ABU DHABI: Pursuant to directives from His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the UAE has announced that it will invest US $ 10 billion in the sovereign wealth fund Indonesian. Indonesian Investment Authority.
Investments will focus on strategic sectors in Indonesia including infrastructure, roads, ports, tourism, agriculture and other promising sectors that have growth potential and can contribute to growth as well as progress. Economic and Social.
Joko Widodo, President of Indonesia, last month announced the members of the Board of Supervisors and the Board of Directors of the Indonesia Investment Authority, which was formed under the Omnibus Law on Establishment of jobs adopted in October 2020.
The establishment of the council is seen as a turning point in the governance and development of the investment system in Indonesia. The Indonesian sovereign wealth fund aims to implement strategic projects that support national development, including infrastructure development and the construction of the new capital in Kalimantan.
The United Arab Emirates and Indonesia enjoy strong political, economic and cultural ties. Official diplomatic relations between the two countries began in 1976, with the opening of the Indonesian Embassy in Abu Dhabi on October 28, 1978. The United Arab Emirates Embassy in Jakarta was inaugurated in 1991, following of a historic visit by the late Sheikh Zayed bin Sultan Al Nahyan to Indonesia in 1990.
Relations between the two countries have grown tremendously in recent years with an increase in mutual visits by senior leaders and officials, including the visit of Indonesian President Joko Widodo in September 2015 to the United Arab Emirates and the Sheikh’s visit. Mohamed. bin Zayed Al Nahyan in Indonesia in July 2019.
The two countries have signed several agreements and cooperation agreements. The two sides recently concluded the UAE-Indonesia Week 2021, during which several cooperation agreements were signed regarding ports, logistics, strategic and defense industries, energy, tourism, creative economy and mangrove farms. In terms of trade and economic relations, growth has been remarkable, with trade volume reaching around US $ 3.7 billion.
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