The investments span clean energy, petrochemicals, and aviation fuel services with private sector institutions in both countries
Indonesia and Saudi Arabia have agreed to invest USD 27 billion in various fields, including clean energy, petrochemicals, and aviation fuel services with private sector institutions in both countries.
The investments were formalized during a bilateral meeting held between Indonesian President Prabowo Subianto and H.R.H. Crown Prince and Prime Minister of Saudi Arabia Mohammed bin Salman bin Abdulaziz Al Saud at Al-Salam Palace, Jeddah, Saudi Arabia.
The Indonesian President was on a two-day state visit to the Kingdom in July. After the meeting, the two leaders welcomed the signing of a number of agreements and memoranda of understanding (MOUs) signed during the visit.
The two leaders expressed commitment to supporting investment in the pharmaceutical, vaccine, health technology industry, and human resource development sectors.
Both countries emphasised the importance of strengthening partnerships in various other strategic sectors such as digital economy, employment, education and scientific research, industry and mining, agriculture, and food security.
They also lauded the level of bilateral trade, which amounted to about USD 31.5 billion in the past five years, making the Kingdom the top trading partner of Indonesia in the region.
The two sides stressed the importance of continuing joint action to develop the volume of trade exchange, intensifying mutual visits between officials in public and private sectors, and holding trade events between the two countries through Saudi-Indonesian Business Council, in order to explore promising opportunities and turn them into tangible partnerships.
They welcomed the positive outcomes of the negotiations for a Free Trade Agreement (FTA) between the Gulf Cooperation Council (GCC) countries and Indonesia, which were held in September 2024 and February 2025, and expressed their hope to conclude the agreement in the near future.