Saudi Arabia agrees to step up investment, trade with Indonesia
Saudi Arabia agrees to step up investment, trade with Indonesia
Antara, Jeddah, Saudi Arabia
Indonesian Vice President Hamzah Haz disclosed here on Sunday evening (Monday morning in Jakarta) that the Kingdom of Saudi Arabia has agreed to step up investment and trade relations between the two countries.
"The Kingdom of Saudi Arabia sees no problem in the efforts to step up investment and trade cooperation with Indonesia," Hamzah told reporters.
The Indonesian vice president issued a statement to that effect, following a meeting with King Fahd bin Abdul Aziz Al- Saud, First Deputy Premier/Head of National Defense Crown Prince Abdullah bin-Abdul-Aziz Al-Saud, and the management of the Islamic Development Bank (IDB).
In his meeting with Crown Prince Abdullah, Hamzah among other things touched on the need to conclude a cooperation on investment and trade.
According to him, the Saudi Arabian leaders also expressed their readiness to help Indonesia in international trade activities.
However, Hamzah made it clear that the Saudi Arabian cabinet will have the final say on the investment and trade cooperation.
Economic relations between Saudi Arabia and Indonesia has increased since 1982.
A joint commission has been convening periodic meetings to evaluate the performance of the economic cooperation.
Until December 2001, the Saudi Arabian investment in Indonesia had been increasing, due to improved investment climate in Jakarta.
Saudi Arabian investors are mostly interested in the chemical industry, hotels and restaurants, housing, general trade, transportation, communication and metal industry.
To encourage Saudi Arabian investment in Indonesia, the first meeting on protection of investors was held on Feb. 13, 2002.
For project financing, Indonesia has received US$233.79 million from the Saudi Fund for Development.
Speaking about his meeting with the management of the Islamic Development Bank, Hamzah said he had asked the bank to step up its role in assisting Indonesia's economic recovery and progress.