JAKARTA — Saudi Minister of Industry and Mineral Resources, Bandar AlKhorayef, concluded a high-level visit to Jakarta with a series of meetings aimed at bolstering bilateral cooperation in the industrial and mining sectors.

During his visit, AlKhorayef met with Indonesia’s Minister of State-Owned Enterprises, Erick Thohir, to explore avenues for joint investment, industrial integration, and collaboration in strategic sectors including petrochemicals, mining, and automotive manufacturing.

AlKhorayef emphasized the Kingdom’s commitment to fostering a competitive and investor-friendly environment, underpinned by Saudi Arabia’s National Industrial Strategy.

Thohir echoed the importance of deepening ties between the two nations and extended his congratulations to Saudi Arabia on its successful bid to host the 2034 FIFA World Cup, affirming Indonesia’s support for the historic event.

AlKhorayef also held talks with Sukatmo Padmosukarso, Executive Director of Exim Bank Indonesia, alongside Eng. Saad Alkhalb, CEO of Saudi EXIM Bank, and Saudi Ambassador Faisal Alamudi.

The meeting culminated in the signing of a Memorandum of Understanding between the two banks, aiming to enhance trade financing and boost joint investment opportunities in industry and mining.

Indonesia, Southeast Asia’s largest economy, ranked 12th globally in Manufacturing Value Added (MVA) with $255 billion in 2023, while Saudi Arabia’s MVA is projected to reach $87.1 billion by 2025. Both nations see industrial and mining development as central pillars of economic diversification and transformation. — SG