Indonesia and Saudi Arabia have signed agreements and memorandums of understanding (MoUs) worth $27 billion, covering private sector cooperation in petrochemicals, clean energy and mineral resources.
The agreements were signed during Indonesian President Prabowo Subianto's official visit to Riyadh and meeting with Saudi Crown Prince Mohammed bin Salman.
The two leaders also agreed to strengthen the energy supply chain, trade in crude oil and its derivatives, and strengthen logistics sustainability in the energy sector.
The move also reflects Saudi Arabia's commitment to diversifying its economy under Vision 2030, while Indonesia is attracting strategic investments in energy and infrastructure development.
Among the companies involved are Indonesia's Pertamina and Saudi Arabia's ACWA Power, which are expected to explore renewable energy investments worth $10 billion.
In five years, the two countries' total trade has reached $31.5 billion and the new agreement is expected to strengthen economic ties and open up new markets.
