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BALI, 12th November, 2022 (WAM) — The UAE Business Forum was held today in Bali, Indonesia, on the sidelines of the G20 annual meeting.
The forum brought together business leaders from the two countries to explore new opportunities for business cooperation and signed 16 Memorandums of Understanding (MoUs).
The forum is one of the first major investment conferences since the signing of the UAE-Indonesia Comprehensive Partnership Agreement in July, which is likely to be ratified in the coming weeks.
Among the 16 MoUs, G42 and its subsidiaries Presight.ai and G42 Healthcare entered into an agreement with Indonesian healthcare AI company Asaren, while Burjeel Holding Group signed a MoU to establish a strategic partnership with Indonesia’s Mitra Jaya Group Partnership to develop a healthcare facility.
Etihad Airways, GAL/AMMROC and Sanad signed a Memorandum of Understanding on aircraft maintenance, while BarQ EV and Lahab signed a Memorandum of Understanding on Electric Vehicles and Defence Agreements respectively.
Seven other memorandums of understanding were signed around the partnership’s 2023 annual investment conference in Indonesia in 2023.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Ahmed Ali Al Sayegh, Minister of State, Luhut Binsar Pandjaitan, Coordinating Minister of Maritime Affairs and Investment of Indonesia, and a group of senior officials, business leaders, company heads and representatives of business organizations from the UAE and Indonesia attended forum.
The UAE Business Forum in Indonesia aims to be a platform for networking and exchanging experiences between the UAE and Indonesian business communities. It also seeks to explore trade and investment opportunities under the upcoming Comprehensive Economic Partnership.
At the end of the forum, companies from both sides signed a number of cooperation agreements.
Commenting on the signings, Dr. Al Zeyoudi said: “The UAE-Indonesia relationship has been strong since its inception, but they have gained additional momentum in recent years with constructive partnerships in important areas. Today’s MoU will showcase How our Comprehensive Economic Partnership Agreement brings more dynamism to our business relationship.”
He said the boom in UAE-Indonesia relations was reflected in non-oil trade growing to a record $2.8 billion in the first nine months of 2022, a record 33% increase compared to the same period in 2021. A 104% increase compared to the same period in 2020.
“The UAE is one of Indonesia’s top 20 trading partners and its second-largest trading partner in the Arab world, and since 2019, the two sides have signed investment agreements worth more than $32 billion,” he added.
Al Sayegh said: “The UAE is keen to strengthen the ties of constructive cooperation and cement its mutual interests with Indonesia, South Asia’s largest economy, especially as such cooperation bodes well for promising prospects that constitute the source of the UAE’s economic and technological strength. . The whole Islamic world.”
Luhut Binsar Pandjaitan, Minister of Maritime Affairs and Investment of Indonesia, commented: “The benefits of the UAE Business Forum, the MoU signed today, and the Comprehensive Economic Partnership Agreement will bring incredible opportunities to the business communities of both countries.”
The forum kicked off with opening remarks by Abdullah Al Dhaheri, UAE Ambassador to Indonesia, Rashid Abdul Karim Al Balushi, Deputy Minister of Economic Development, Abu Dhabi, and Hussain Bagis, Indonesian Ambassador to the UAE.
This was followed by a panel discussion titled “UAE: A Springboard to Go Global”, focusing on the remarkable progress the UAE economy has made over the past five years, making it a major economic hub and a central gateway for mobile trade and investment, while taking A strategic plan to empower the private sector and attract the best companies, ideas and talent to the world.
Dr. Al Zeyoudi and Pandjaitan delivered closing remarks at the forum, emphasizing that the UAE-Indonesia strategic relationship is about to enter a new era of prosperity, the comprehensive economic partnership agreement between the two countries is about to enter into force soon, given the momentum and collective growth of bilateral relations between the two business communities Opportunity.
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