Saudi Arabia, Indonesia sign key agreements to boost trade and mining cooperation

17/04/2025 11:55 AST

Saudi Arabia and Indonesia have signed a series of memoranda of understanding aimed at enhancing bilateral trade and expanding cooperation in the mining sector.

As part of an official visit to Jakarta, Saudi Arabia's Minister of Industry and Mineral Resources, Bandar Alkhorayef, signed an MoU with Indonesia's Minister of Energy and Mineral Resources, Bahlil Lahadalia, to promote strategic collaboration and the exchange of expertise in mining and mineral resources.

According to a joint press statement, the agreement will foster cooperation in areas including mineral exploration, geological surveying, sustainable mining practices, mineral production and processing, and the development of modern technologies for the mining and metallurgical industries.

The deal was signed during Alkhorayef's official trip to Indonesia, which also saw discussions on deepening industrial ties and enhancing knowledge transfer between the two nations.

In a parallel move, the Saudi Export-Import Bank signed an MoU with Indonesia Eximbank to establish a framework for strengthening trade relations and promoting joint investment initiatives, the Saudi Press Agency reported.

"This MoU marks a significant step toward improving export and import efficiency and facilitating bilateral trade. It also reflects our commitment to enhancing partnerships and commercial exchange between the two countries," said Saad Al-Khalb, CEO of Saudi EXIM, as quoted by SPA.

He added: "The agreement will serve as a catalyst for trade development and joint investment projects across various sectors. We are committed to encouraging Saudi exporters to seize promising investment opportunities, and are fully dedicated to enabling the export of Saudi non-oil products to the Indonesian market."

The agreement includes provisions for exchanging best practices related to export credit policies and developing new export products, while also encouraging collaboration between Saudi and Indonesian companies.

Sukatmo Padmosukarso, acting executive director of Indonesia Eximbank, described the agreement as "more than a ceremonial step," adding: "It marks the beginning of real, actionable cooperation. We hope to soon realize joint projects in renewable energy, co-financing, and export ventures, supported by dedicated teams from both sides."

During the visit, Saudi EXIM officials also held meetings with Indonesian financial institutions, export credit agencies, and trade organizations to explore opportunities for expanding trade, strengthening economic ties, and supporting local exporters in scaling their international operations.

Trade between Saudi Arabia and Indonesia remains robust. In January alone, Saudi Arabia exported non-oil goods to Indonesia worth SR202.7 million ($54 million), underlining the growing importance of economic collaboration between the two countries.

Arab News