UAE investment in INA reflects confidence in Indonesian govt

UAE investment in INA reflects confidence in Indonesian govt

Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, meets with a delegation from Papua's Biak Numfor district in his offices in Jakarta on March 22, 2021. (ANTARA/HO-Coordinating Ministry of Maritime Affairs and Investment)

Jakarta (ANTARA) - Coordinating Minister for Maritime Affairs and Investment, Luhut Binsar Pandjaitan, said the United Arab Emirates’ investment in the Indonesian Investment Authority (INA) reflects the confidence of the international community in the Indonesian government.

"On Tuesday (March 23, 2021), the government of Abu Dhabi announced that it will make an investment of US$10 million in the Indonesian Sovereign Wealth Fund (INA). I believe this conveys a positive message on how the confidence of the international (community) towards the Indonesian government is so high," he said at the 2021 Bali Investment Forum, which was streamed online on Friday.

He explained that such trust was also reflected in the decision made by ratings agency Fitch, which has maintained Indonesia's Sovereign Credit Rating at the BBB level with a stable outlook.

The agency has noted that the key factor that supports Indonesia's affirmation level is the positive prospect of mid-term economic growth and low level of government debt, despite increases. "This is very good for Indonesia," he remarked.

The United Arab Emirates had earlier announced plans to invest US$10 billion in the Indonesian sovereign wealth fund.

According to a statement issued by the Indonesian Embassy in Abu Dhabi, the investment will further strengthen bilateral relations between the two countries in various sectors, and, at the same time, reflect the close personal ties between their leaders.

With this investment, the UAE has become the anchor investor for INA. A number of countries, including Japan, the United States, and Canada, have announced investment commitments to INA. (INE)

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