Saudi Arabia agrees to step up investment, trade with Indonesia<\/p>\n
Antara, Jeddah, Saudi Arabia<\/p>\n
Indonesian Vice President Hamzah Haz disclosed here on Sunday
\nevening (Monday morning in Jakarta) that the Kingdom of Saudi
\nArabia has agreed to step up investment and trade relations
\nbetween the two countries.<\/p>\n
\"The Kingdom of Saudi Arabia sees no problem in the efforts to
\nstep up investment and trade cooperation with Indonesia,\" Hamzah
\ntold reporters.<\/p>\n
The Indonesian vice president issued a statement to that
\neffect, following a meeting with King Fahd bin Abdul Aziz Al-
\nSaud, First Deputy Premier\/Head of National Defense Crown Prince
\nAbdullah bin-Abdul-Aziz Al-Saud, and the management of the
\nIslamic Development Bank (IDB).<\/p>\n
In his meeting with Crown Prince Abdullah, Hamzah among other
\nthings touched on the need to conclude a cooperation on
\ninvestment and trade.<\/p>\n
According to him, the Saudi Arabian leaders also expressed
\ntheir readiness to help Indonesia in international trade
\nactivities.<\/p>\n
However, Hamzah made it clear that the Saudi Arabian cabinet
\nwill have the final say on the investment and trade cooperation.<\/p>\n
Economic relations between Saudi Arabia and Indonesia has
\nincreased since 1982.<\/p>\n
A joint commission has been convening periodic meetings to
\nevaluate the performance of the economic cooperation.<\/p>\n
Until December 2001, the Saudi Arabian investment in Indonesia
\nhad been increasing, due to improved investment climate in
\nJakarta.<\/p>\n
Saudi Arabian investors are mostly interested in the chemical
\nindustry, hotels and restaurants, housing, general trade,
\ntransportation, communication and metal industry.<\/p>\n
To encourage Saudi Arabian investment in Indonesia, the first
\nmeeting on protection of investors was held on Feb. 13, 2002.<\/p>\n
For project financing, Indonesia has received US$233.79
\nmillion from the Saudi Fund for Development.<\/p>\n
Speaking about his meeting with the management of the Islamic
\nDevelopment Bank, Hamzah said he had asked the bank to step up
\nits role in assisting Indonesia's economic recovery and progress.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/saudi-arabia-agrees-to-step-up-investment-trade-with-indonesia-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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