Indonesia, Saudi chambers ink MoU to strengthen trade partnership

Indonesia, Saudi chambers ink MoU to strengthen trade partnership

Indonesia-Saudi Arabia Business Forum held in Grand Hyatt Hotel on Thursday (ANTARA News/Aria Cindyara)

Both nations have young, productive populations and economies
Jakarta (ANTARA News) - The Indonesian Chamber of Commerce and Industry (KADIN) has signed a memorandum of understanding (MoU) with its Saudi Arabian counterpart aimed at promoting cooperation between the two countries.

The MoU was inked during the concluding part of the "Indonesia-Saudi Arabia Business Forum" hosted by both chambers in Jakartas Grand Hyatt Hotel, Thursday, and will facilitate the preparations for the establishment of a "Bilateral Business Council."

The MoU signing and the forum were organized on the sidelines of the visit of King Salman bin Abdulaziz al-Saud of Saudi Arabia to Indonesia.

KADIN Chairman Rosan P. Roeslani stated that both Indonesia and Saudi Arabia are among the group of countries with fast and dynamic emerging economies.

"Both nations have young, productive populations and economies, and in our respective regions, we are playing increasingly greater geo-political and geo-economic roles," he noted in his welcome address while opening the forum.

He further pointed out that Saudi Arabia is one of the most potential trade partners for Indonesia in the Middle East, with the total non-oil and gas trade value between both countries from 2011 to 2015 reaching US$1.83 billion.

"My message to all investors is to focus on the bigger picture and bet on the long-term trajectory of Indonesia. One thing I can say for certain is that despite the ups and downs in our economy, Indonesia has always rewarded investors favorably," he remarked.

The Indonesia-Saudi Arabia Business Forum was attended by several distinguished diplomatic guests, including Indonesias Minister of Trade Enggartiasto Lukita, Chairman of the National Investment Services Agency Thomas Trikasih Lembong, Saudi Arabias Governor General of Authority of SMEs Gassan Ahmed Al Suliman, and Vice Chairman of the Council of Saudi Chambers Showimy Aldoss Ari.