Indonesia's Investment Minister, Bahlil Lahadalia, recently met with Saudi Arabia's Investment Minister, Khalid A. Al-Falih, to discuss potential investment opportunities in the new and renewable energy sector, as well as hospital development. President Joko Widodo's directive emphasized Indonesia's welcoming attitude towards investment, especially in industries that utilize green energy and industry downstreaming. The meeting took place in Riyadh, Saudi Arabia, and both ministers discussed the potential for collaboration in investment between Saudi Arabia and Indonesia.
The Indonesian minister drew attention to the country's initiative in the mining sector downstreaming, which began four years ago with a ban on nickel exports. The government is now focused on encouraging downstreaming of other mineral resources, including bauxite, copper concentrate, and tin, with an effective ban on exports starting in 2023. Minister Al-Falih commended Indonesia's commitment to economic transformation through natural resources downstreaming, with the aim of reducing dependency on raw materials.
The two ministers agreed that there are still plenty of investment opportunities to explore between the two countries, particularly in the renewable energy and hospital development sectors. Saudi Arabia has already invested $26.5 million in Indonesia between 2018 and the first quarter of 2023, with tertiary sector investment dominating the investment. The majority of the investment was in the housing, industrial area, and office sectors.
The Gulf country has invested a total of $64.6 million in Indonesia between 2013 and the first quarter of 2023, spread across 423 projects. Within the previous five years, $10.3 million has been invested in Bali province, with the rest being invested in West Java, East Java, Jakarta, and East Kalimantan.
