Saudi Fund's US$1 Billion Investment Commitment

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03/03/2017 14:35 WIB

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Saudi Fund Investment Commitment to Indonesia 2017

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Saudi Fund Investment Commitment to Indonesia 2017

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One outcome of King Salman bin Abdulaziz's visit to Indonesia was a commitment from the Saudi Arabian government to invest US$1 billion, or approximately Rp 13.3 trillion. Of this amount, US$750 million will be used to fund development programs in Indonesia. The remaining US$250 million will fund Saudi Arabian exports to Indonesia, specifically non-oil industrial products.

President Joko Widodo and King Salman witnessed the signing of a cooperation agreement between the Indonesian and Saudi Arabian governments on Wednesday (March 3rd). Eleven agreements were reached during the meeting. President Jokowi expressed hope for easier access for Indonesian halal-certified products.

Saudi Arabian investment in Indonesia remains very small compared to other countries. According to data from the Central Statistics Agency, Saudi Arabian investment in 2016 reached only US$0.9 million, or approximately Rp 11.97 billion, ranking 57th. This is significantly lower than foreign investment from Singapore, which reached US$9.17 billion, or the equivalent of Rp 122 trillion.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Saudi Fund's US$1 Billion Investment Commitment

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Saudi Fund's US$1 Billion Investment Commitment

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