UAE and Indonesia sign deals worth $27bn to boost economic co-operation – The National

UAE and Indonesia sign deals worth $27bn to boost economic co-operation – The National

The UAE and Indonesia signed agreements worth $27 billion during the visit of Indonesian President Joko Widodo to the UAE and the countries are looking to triple two-way trade in the next four years from $2.5bn in 2020 as relations strengthen.

The government and the private sector entities signed deals in different sectors including energy, aviation, financial services, artificial intelligence, agriculture and defence, the country’s trade minister Muhammad Lutfi told reporters on Friday. Deals valued at about $10bn were signed with Indonesia’s sovereign wealth fund.

DP World signed a $7.5bn deal with Indonesia's sovereign wealth fund to develop the South-East Asian country's seaports over a period of up to 30 years, while Etihad Credit Insurance, the UAE’s federal export credit agency, inked an agreement with state-owned reinsurance services provider Indonesia Re to improve funding access to small and medium enterprises and mid-cap companies to boost exports.