JEDDAH, 19 September 2006 — Jeddah will host on Saturday a two-day gathering on Indonesian investment, giving an opportunity to pitch the country as an ideal destination for foreign investment, including joint ventures.
Members of Indonesia’s public and private sectors will be present in various industries, including telecommunications, construction, transportation, energy and agriculture.
The two countries trade estimated at $2.38 billion annually. Saudi exports to Indonesia, most in the petrochemical sector, account for $1.9 billion of this trade.
Jafar Siddeq, from the Commercial Office at the Indonesian consulate in Jeddah, said there are 35 Saudi investment projects in Indonesia with capital of more than SR28 billion ($7.5 billion). He said that this number is expected to increase in the coming years.
Currently there are more than 700,000 Indonesian workers in the Kingdom working in different fields and they are transferring more than SR5 billion ($1.33 billion) a year in remittances back home to Indonesia.
