His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, today met with Indonesian President Joko Widodo at Expo 2020 Dubai.
The two leaders witnessed the exchange of a series of MoUs and agreements for cooperation in the sectors of financial services, investment, travel and energy, and the avoidance of double taxation.
They also discussed new avenues to enhance bilateral cooperation, and highlighted the importance of offering the private sectors of Indonesia and UAE opportunities to explore investment in both countries and launch joint companies.
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and the UAE's Deputy Prime Minister and Minister of Finance was also present at the meeting.
Enhancement of trade between the UAE and Indonesia was a key focus of the discussions.
The total value of the UAE’s non-oil trade with Indonesia in 2020 reached $2 billion and the country is seeking to increase volumes significantly in the coming years through the Indonesia – UAE Comprehensive Economic Partnership Agreement (IUAE-CEPA).
In the last five years, the total value of non-oil trade between the two sides exceeded $11 billion.
Current estimates indicate that opportunities to increase non-oil trade are promising, with an annual growth potential of $1.6 billion in several sectors, including jewelry, vegetable oil, automobiles and car parts, copper, rubber and aluminum.
The meeting also discussed regional and international developments, the progress made in combating the COVID-19 pandemic and efforts made in the UAE and Indonesia to accelerate development in the post-COVID phase.