Saudi industry minister visits Indonesia for critical minerals cooperation talks
JAKARTA: Saudi Arabia's Industry and Mineral Resources Minister Bandar Al-Khorayef held talks with his Indonesian counterparts in Jakarta on Wednesday, as the two countries explore cooperation in critical minerals and other key resources driving the global energy transition.
Indonesia is the world's largest source of nickel and has rich deposits of other minerals, such as copper and bauxite. Its mining sector makes a significant contribution to the economy, accounting for about 11.9 percent of GDP in 2023.
Al-Khorayef arrived in the Indonesian capital for a three-day visit on Tuesday and his delegation is meeting both officials and top industry executives.
'We discussed ways to enhance industrial cooperation and expand partnerships between private-sector entities in the two countries, in addition to reviewing investment opportunities and the Kingdom's goals to become an industrial and logistics hub in the region,' he said in a post on X, after talks with Indonesia's Industry Minister Agus Gumiwang Kartasasmita and State-Owned Enterprises Minister Erick Thohir.
Tohir also took to social media to highlight the focus of the planned partnerships.
'State-owned enterprises in mining, communications infrastructure, banking and renewable energy sources are the priority of our discussions and the cooperation we will forge,' he wrote on X.
Trade and investment relations between Saudi Arabia and Indonesia have been on the rise. Non-oil trade was worth about $3.3 billion in 2024, showing a 14.5 percent increase compared to 2020.
'There's still plenty of room for mutual growth. This is why the Indonesian government welcomes the rising interest of Saudi investors in Indonesia's strategic sectors, including to strengthen the ecosystem of our national industries,' Kartasasmita said.
'Indonesia, with its huge potential in natural resources, market and workforce, and the government's commitment to industrial downstreaming efforts, is opening up vast opportunities for mutually beneficial collaborations,' he said.
Al-Khorayef's visit was aimed at attracting more investment to the Kingdom and exploring mutual investment opportunities in mining, food, pharmaceuticals and auto parts industries, in line with Saudi Vision 2030.
On his first day in Jakarta, he met Indonesia's special envoy for energy and the environment, Hashim Djojohadikusumo, representatives from Indonesia's state-owned mining industry holding company, MIND ID, and mineral mining company PT Vale Indonesia.
'Indonesia and Saudi Arabia are at a key point in redefining the mineral economy,' MIND ID CEO Maroef Sjamsoeddin said.
'We are ready to explore cooperation opportunities, knowledge exchange and transformational innovation (projects),' he said.
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