Some16 memorandums of understanding (MoUs) have been signed at the UAE Business Forum held in Bali, Indonesia, on the sidelines of the annual G20 meeting. 

 

Among the MoUs was a deal between G42 and its subsidiaries Presight.ai and G42 Healthcare with Indonesian healthcare AI firm Asaren, while Burjeel Holding Group signed an MoU to develop a healthcare facility through a strategic partnership with the Indonesian Mitra Jaya Group. 

 

Etihad Airways, GAL/AMMROC and Sanad signed MoUs on aircraft maintenance. MoUs on electric mobility and defence were signed by BarQ EV and Lahab respectively. 

 

AIM in Indonesia

A further seven MoUs were signed around cooperation on the organisation of the 2023 Annual Investment Meeting in Indonesia in 2023.

 

The forum, which brought together business leaders from both countries, was launched to explore emerging opportunities for cooperation between the business communities. It was one of the first major investment conferences to take place since the signing of the UAE-Indonesia Comprehensive Partnership Agreement in July, and which is likely to be ratified in the coming weeks.

 

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Ahmed Ali Al Sayegh, Minister of State and Luhut Binsar Pandjaitan, Indonesian Coordinating Minister for Maritime Affairs and Investment, as well as a group of senior officials, business leaders, heads of companies and representatives of business community organisations from the UAE and Indonesia participated in the forum.

 

Platform for networking

The forum in Indonesia aims to be a platform for networking and exchange of experiences between the business communities in the UAE and Indonesia. It also seeks to explore trade and investment opportunities in light of the upcoming implementation of the Comprehensive Economic Partnership Agreement. 

 

Dr Al Zeyoudi said: “UAE-Indonesia relations have always been strong since their inception, but they have enjoyed additional momentum in recent years, with the establishment of constructive partnerships in vital sectors. Today’s MoUs go to show how our Comprehensive Economic Partnership Agreement has injected even more dynamism into our business relationships.”

 

He said that the boom in UAE-Indonesia relations was reflected in the growth of non-oil trade to a record $2.8 billion in the first nine months of 2022, an increase of 33% compared to the same period of 2021, and a record growth of 104% compared to the same period of 2020. The UAE is among the top 20 trading partners of Indonesia and its second largest trading partner in the Arab world, while the value of investment agreements signed between the two parties reached more than $32 billion since 2019. 

 

Consolidating common interests

Al Sayegh said: “The UAE is keen to strengthen the bonds of constructive cooperation and consolidate common interests with Indonesia, which is the largest economy in South Asia, especially as this cooperation heralds promising prospects that constitute a source of economic and technological strength for the entire Islamic world.”

 

Pandjaitan said: “The UAE Business Forum, the MoUs signed today and the benefits that will spring from the Comprehensive Economic Partnership Agreement will unlock incredible opportunities for business communities in the two countries.”-- TradeArabia News Service