Saudi Arabia, Indonesia sign agreements worth $27B

Argaam

2 days ago

Saudi Arabia and Indonesia signed a number of agreements and memorandums of understanding (MoUs) between private sector institutions from both countries, totaling approximately $27 billion (equivalent to SAR 101.25 billion).
These agreements span several fields, including clean energy, petrochemical industries, and aviation fuel services, reflecting the two nations' aspirations for an advanced economic partnership.
According to the joint statement issued at the conclusion of Indonesian President Prabowo Subianto's visit to the Kingdom, both Saudi Arabia and Indonesia praised the strength of their economic ties and agreed on the importance of enhancing cooperation, particularly in mutually prioritized sectors. They also affirmed their support for building partnerships between their private sectors and leveraging the opportunities offered by Saudi Arabian Vision 2030 and Indonesia's Golden Vision 2045 to strengthen cooperation in various fields.
They noted that bilateral trade between the two countries reached about $31.5 billion over the past five years, making Saudi Arabia Indonesia's top trading partner in the region.
Both sides emphasized the importance of continuing joint efforts to grow trade volume, increase mutual visits between public and private sector officials, and hold business events through the Saudi-Indonesian Business Council to explore promising opportunities and transform them into tangible partnerships.
The two parties welcomed the positive outcomes of the negotiations on the Free Trade Agreement between the Gulf Cooperation Council (GCC) countries and Indonesia, held in September 2024 and February 2025. They expressed hope that the agreement would be finalized in the near future.
Both sides also praised the current level of coordination and efforts between government entities and leading companies in both nations. They reaffirmed their commitment to building on these achievements to strengthen investment relations and expand the scope of strategic partnerships between the public and private sectors.