Middle-east Arab News Opinion | Asharq Al-awsat

Three Saudi-Indonesian USD3.6 Billion Commercial Agreements | ASHARQ AL-AWSAT English Archive 2005 -2017
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King Salman of Saudi Arabia walks beside Indonesian President Joko Widodo after praying at the Istiqlal Mosque in Jakarta, Indonesia March 2, 2017. REUTERS/Beawiharta

Riyadh – Saudi-Indonesian sides are dedicated to revise the signed MoU on establishing a mutual business council, said Eng. Shuwaimi al-Doussari, vice chairman of Saudi Chamber of Commerce & Industry and head of Saudi commercial delegation to Indonesia.

Doussari noted that the signed projects are worth SAR13.5 billion (USD3.6 billion) in the energy, housing, health and tourism segments.

“We have already signed a MoU to establish a mutual business council – the agreement is being revised for final touches as well as three other commercial agreements. We look forward to establishing Saudi-Indonesian companies to invest in diverse fields,” he told Asharq Al-Awsat.

Doussari added that Indonesia-Saudi Arabia Business Forum kicked off on Thursday, providing an opportunity to discuss economic cooperation and make use of available chances in both countries.

In his inaugural speech, he underscored importance of supporting historic and religious Saudi-Indonesian ties and expressed anticipation for the participation of Indonesia in implementing the Saudi Vision 2030 – including abundant development projects and programs.

Doussari stated that Indonesia has occupied the 16th position among the biggest commercial partners of the kingdom throughout the past ten days, calling for additional dialogue and new channels to support trade in both countries and make Indonesia among the top ten partners.

He mentioned some of the obstacles: rise of customs and non-customs fees, increase of transportation expenses and insurance on Saudi exports to Indonesia, lack of organized transit lines between the two countries, low number of bilateral visits among businessmen and the scarcity of available commercial opportunities in Indonesian markets.

Sessions of the forum included a presentation of Saudi Vision 2030 and its purposes, in addition to round-table meetings that discussed exchanging expertise in target segments and showcased investment opportunities and cooperation fields.

Three agreements were signed in the forum — the Council of Saudi Chambers and the Indonesian Chamber of Commerce and Industry (KADIN) also signed a MoU to establish a Saudi-Indonesian business council that underpins bilateral trade and enhances commercial and investment cooperation.