Senior officials from the United Arab Emirates and Indonesia at a dialogue forum in Bogor, Indonesia.
Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the United Arab Emirates, led an official delegation to Bogor for talks with Indonesia to deepen trade and investment relations. Indonesia is one of eight countries with which the United Arab Emirates is seeking trade deals under the “Projects of the 50” initiative announced on Sunday.
During the official economic mission, Al Zeyoudi and his delegation met Joko Widodo, President of the Republic of Indonesia, at the Presidential Palace in Jakarta. They exchanged views on a number of regional and global issues and stressed the importance of greater collaboration to strengthen sustainable development and accelerate global economic recovery.
Al Zeyoudi and Muhammad Lutfi, Minister of Commerce of the Republic of Indonesia, also jointly established the Comprehensive Economic Partnership Agreement between Indonesia and the United Arab Emirates (IUAE CEPA). It will strengthen trade ties, expand economic and investment opportunities and mark a new phase of bilateral cooperation.
A high-level delegation representing the federal government and business, including federal chambers of commerce, accompanied Al Zeyoudi on the state visit and participated in the IUAE CESP Business Forum. Discussions have also been launched to sign a memorandum of understanding between the chambers of commerce of the two countries.
“The United Arab Emirates is leading the way for a more dynamic and competitive knowledge-based economy and continues to be a catalyst for economic growth for our partners around the world, as our announcement on our business ambitions as part of our” Projects of the 50 “initiative show,” said Al Zeyoudi. “The IUAE CEPA builds on the UAE’s strong economic relationship with Indonesia and will lay the groundwork for an ambitious partnership that creates new opportunities for our businesses, attracts more investment and talent in the region and accelerates the global economic recovery. ”
Lutfi added, “We firmly believe that deepening economic ties with the United Arab Emirates will help us achieve our goals of developing export markets, provide new horizons for our businesses and implement best practices in key sectors such as technology, logistics, sustainable energy and food production. The UAE’s plans to leverage business partnerships to strengthen its future economy and build on its role as a global economic hub are exactly in line with Indonesia’s ambitions to do the same in Asia. ”
The UAE’s long-standing bilateral relations with Indonesia are anchored on close cultural ties and a shared commitment to enable increased economic development and prosperity between the two countries. The total value of UAE’s non-oil trade with Indonesia in 2020, for example, reached $ 2 billion and the UAE aims to dramatically increase this trade value in the coming years through the CEPA of the United Arab Emirates. IUAE.
Recent announcements including the UAE’s plan to invest $ 10 billion in the Indonesian Investment Authority in March 2021, with the Indonesian government becoming the largest Sukuk issuer on Nasdaq Dubai in May 2019, and Masdar of the UAE starting construction of the world’s largest floating solar power plant in Indonesia last month further demonstrates the strength of the UAE-Indonesia bilateral relationship. There are also a number of long-standing collaborations in oil exploration, halal food industry, green technology, utilities, agriculture and education.
In the past five years, the total value of non-oil trade between Indonesia and the UAE has exceeded $ 11 billion, of which UAE exports to Indonesia amounted to $ 1.4 billion. aluminum and related products generated nearly $ 600 million, while the value of UAE re-exports to Indonesia was nearly $ 1 billion during the same period.
Current estimates indicate that the opportunities to increase non-oil trade are promising, with annual growth potential of $ 1.6 billion in several sectors, including jewelry, vegetable oils, automobiles and auto parts, copper, rubber and aluminum.
UAE ministers announced the first round of bold strategic plans to foster the UAE’s new phase of growth – both domestically and internationally – and embark on an ambitious growth strategy as the nation celebrates its golden jubilee and launches into the next 50 years.
The “50 Projects” are a series of development and economic projects that will be rolled out throughout the month of September, which aim to accelerate the development of the United Arab Emirates and consolidate itself into a global pole in all sectors and to establish its status as an ideal destination for talent and investors.
At a press conference on Sunday, UAE ministers and senior officials announced the first round of plans, which include new and amended visa regimes, comprehensive global campaigns to attract foreign investment, domestic initiatives to support emerging UAE businesses and improve the quality of domestic products. , partnerships with the world’s major economies and programs to support applications of the Fourth Industrial Revolution in all sectors.