Malaysia expands investments in Indonesia with signing of MoUs, agreements worth US$3.1b

Prime Minister Datuk Seri Ismail Sabri Yaakob and Indonesian president Joko Widodo are pictured at Istana Bogor in Jakarta November 10, 2021. — Bernama pic
Prime Minister Datuk Seri Ismail Sabri Yaakob and Indonesian president Joko Widodo are pictured at Istana Bogor in Jakarta November 10, 2021. — Bernama pic

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JAKARTA, Nov 10 — Malaysia has continued to expand its investments in Indonesia via the signing of five memorandums of understanding (MoU) and agreements that will be sealed by the private sectors of both countries worth US$3.1 billion (RM12.8 billion) today, said Prime Minister Datuk Seri Ismail Sabri Yaakob.

The premier said Malaysia’s total investments in Indonesia amounted to US$12.53 billion while Indonesian investments in Malaysia were worth US$1.16 billion in the second quarter of this year.

“I believe Malaysian investments in Indonesia are big,” he told reporters in a media conference with Indonesia’s President Joko Widodo at Istana Bogor in conjunction with his inaugural three-day official visit to the country which started yesterday.

Ismail Sabri also called for the involvement of Malaysian companies in the development of Kalimantan, which shares a border with Sabah and Sarawak.

Indonesia is building its new capital in eastern Kalimantan.

The country is an important trade and strategic partner for Malaysia, with the total trade between them worth US$15.67 billion in 2020, according to the prime minister. — Bernama

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