JakartaGlobe-Nov 4, 2021

President Joko “Jokowi” Widodo’s two-day visit to the United Arab Emirates has resulted in $32.7 billion worth of business and investment commitments, Foreign Minister Retno Marsudi said on Thursday. Retno said both countries agreed to forge cooperation between the Indonesia Investment Authority and UAE’s Abu Dhabi Growth Fund and DB World and b-to-b collaboration including joint solar panel project between state-run energy company Pertamina and Masdar, investment in an oil refinery in the East Kalimantan city of Balikpapan, Covid-19 vaccine distribution, and biotechnology industry, among other things. When attending Indonesia-UAE Investment Forum in Dubai, Jokowi said his government needs huge investment and financial support to relocate the national capital from Jakarta to East Kalimantan. “Building the new capital city will cost at least $35 billion,” the president said. Read more at: https://jakartaglobe.id/business/indonesia-eyes-32b-business-deals-after-jokowis-uae-visit