UAE Business Forum at I…

The UAE Business Forum was held in Bali on Sunday, on the sidelines of the G20 annual meeting.

The forum, which brought together business leaders from both countries to explore emerging opportunities for business cooperation, resulted in the signing of 16 Memorandums of Understanding (MoUs).

The forum is one of the first major investment meetings 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 memorandum of understanding through a partnership with Indonesian Mitra Jaya Group. Strategic partnerships to develop healthcare facilities.

Etihad Airways, GAL/AMMROC and Sanad signed MOUs for aircraft maintenance, while BarQ EV and Lahab signed MoUs for electric vehicle and defense agreements respectively.

Seven more memorandums of understanding were signed around the cooperation to host the 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, and Luhut Binsar Pandjaitan, Coordinating Minister for Maritime Affairs and Investments of Indonesia, along with representatives of a group of senior officials, business leaders, heads of companies and business community organizations from the UAE and Indonesia up the 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 forthcoming Comprehensive Economic Partnership Agreement.

At the end of the forum, companies from both sides signed a number of cooperation agreements.

Commenting on the signing, Dr. Al Zeyoudi said that the UAE-Indonesia relationship has been strong since its inception, but has grown stronger in recent years as constructive partnerships have been established in important areas.

“Today’s MoU demonstrates how our Comprehensive Economic Partnership Agreement can breathe more life into 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 33% increase from the same period in 2021 and a record high of 104% compared to the same period in 2020 .

“The UAE is one of Indonesia’s top 20 trading partners and its second largest in the Arab world, while investment agreements worth over US$32 billion have been signed between the two parties since 2019,” he added.

Al Sayegh said: “The UAE is keen to strengthen ties of constructive cooperation and consolidate mutual interests with Indonesia, the largest economy in South Asia, especially since such cooperation augurs promising prospects and constitutes a source of economic and technological strength for the entire Islamic world. “

Luhut Binsar Pandjaitan, Indonesian Minister of Maritime Affairs and Investments, commented: “The UAE Business Forum, the Memorandum of Understanding signed today and the benefits of the Comprehensive Economic Partnership Agreement will bring incredible opportunities to the business communities of both countries.”

The forum was attended by UAE Ambassador to Indonesia Abdullah Daheri, Deputy Minister of Economic Development of Abu Dhabi Rashid Abdul Karim Albarush and Indonesian Ambassador to the UAE Hussein Ba Keith’s opening speech kicked off.

This was followed by a panel discussion titled ‘UAE: A springboard to go global’, which focused on the remarkable progress the UAE economy has made over the past five years, transforming it into a major economic hub and central gateway for flowing trade and investment, All while adopting a strategic plan aimed at empowering the private sector and attracting the best companies, ideas and talent globally.

Dr. Al Zeyoudi and Dr. Pandjaitan delivered closing remarks at the forum, emphasizing that the UAE-Indonesia strategic relationship is about to enter a prosperous new era, the imminence of the entry into force of the Comprehensive Economic Partnership Agreement between the two countries is imminent, and given the momentum and collective opportunity for growth. – Wow