Indonesia Flirts with Riyadh Amid Underwhelming US-China Investments

Summary

The Indonesian government is expecting more investments from the Saudi Arabian government. The country, famously known as the largest exporter of petroleum, can do so through a sovereign wealth fund (SWF), currently being formulated by the Indonesian government. The open invitation is a response to the underwhelming investments from China and the United States in the last few years. On the other hand, the Finance Minister, Sri Mulyani Indrawati, in an official statement released on Monday (2/24), revealed that the Saudi Arabian investment had increased significantly.

Sri Mulyani claimed that the meeting with the Saudi Arabian Finance Minister, Mohammed Al-Jadaan, taken place during the G20 Finance Ministers and Central Bank Governors meeting in Riyadh, 22-23 February, resulted in an agreement to jointly develop strategic sectors in Indonesia through the sovereign wealth fund. The government plans to use the fund, pooling investment funds from various countries, including Saudi Arabia, to develop the new capital city in East Kalimantan and other projects in Aceh.

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