Widodo seeks and finds US$ 22.8 billion in investments from the United Arab Emirates

The meeting in Abu Dhabi between the Indonesian president and Sheikh Mohammed bin Zayed Al Nahyan was decisive. About US$ 12.6 billion in Gulf money will go to the energy sector. Indonesia’s new capital could be included.

Abu Dhabi (AsiaNews/Agencies) – The United Arab Emirates is prepared to invest US$ 22.8 billion in Indonesia through the latter’s sovereign wealth fund, including nearly a dozen deals in trade, energy and infrastructure, the Indonesian government announced today.

The meeting in Abu Dhabi over the weekend between Indonesian President Joko Widodo and Crown Prince, Sheikh Mohammed bin Zayed Al Nahyan, (pictured) was the clincher.

Widodo, who began his second term in October, wants to boost foreign investment to create jobs and foster growth in Southeast Asia's largest economy.

About US$ 12.6 billion is part of an agreement between Indonesia's state energy firm Pertamina and the Abu Dhabi National Oil Company to build a petrochemical plant in West Java, Indonesia's Foreign Ministry reported. Other investments involve ports, renewable energy and agriculture.

Indonesian authorities said that investments in Indonesia's planned new capital in Kutai Kartanegara Regency (East Kalimantan) could occur through the sovereign fund.

Sheikh Zayed was asked to be an advisor for the development of the new capital.

Indonesia’s Coordinating Maritime Affairs and Investment Minister Luhut Pandjaitan noted that the crown prince also expressed interest in investing in the development of Aceh, a province on Sumatra Island with special status that includes the enforcement of Islamic Law (Sharia).