The Saudi authority has anticipated possible effects of the Russia-Ukraine conflict. (Photo:
The Saudi authority has anticipated possible effects of the Russia-Ukraine conflict. (Photo:

Indonesia, Saudi Arabia Discuss Economic Cooperation

Antara • 23 May 2022 16:00
Jakarta: Indonesia's Coordinating Economic Affairs Minister Airlangga Hartarto engaged in a bilateral dialog with Saudi Minister of Economy and Planning, Faisal Al-Ibrahim, in Davos, Switzerland, on Sunday.
"Some issues discussed during the bilateral meeting pertain to the trade sector between both countries and the cooperation plan in the investment sector," Hartarto noted in his statement on Monday.
During the meeting, the coordinating minister expressed optimism that Indonesia would be a strategic partner for Saudi Arabia through synergy on Saudi's Vision 2030 and the Golden Indonesian 2045 Vision.

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He also informed the Saudi minister about Indonesia's G20 Presidency and Indonesia's membership in the Global Crisis Response Group (GCRC).
He then expressed hope that the Saudi government would collaborate to achieve goals set by the global community.
Meanwhile, responding to Hartarto's statement, Al-Ibrahim spoke of Saudi's economic dependence on oil and gas to the coordinating minister as well as the ongoing Russia-Ukraine conflict that is causal to the volatility of the energy and metal prices and investment at the global level.
Al-Ibrahim noted that the Saudi authority has anticipated possible effects of the conflict by revving up production and oil refinery capacities in the country.
The economic and planning minister then expressed optimism that G20 would play its role to maintain global security, especially to ensure food security.
During the bilateral discussion, Hartarto and Al-Ibrahim also discussed developments pertaining to the oil industry, such as the investment of carbon capture, utilisation, and storage (CCUS) technology and blue hydrogen as well as progress in the development of the new capital Nusantara.
Al-Ibrahim reiterated Saudi's complete support for Indonesia's G20 Presidency, to which Hartarto responded by expressing hope for Saudi's participation during G20's Development Ministers meeting. 

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