Jakarta. The Qatar Investment Authority, or QIA, on Wednesday (01/08) signed a memorandum of understanding with the Indonesian government to lay out a foundation for a $500 million investment in Indonesia's tourism industry.
The investment will be focused on developing ongoing tourism projects in Indonesia's 10 priority destinations, also known as "10 New Balis."
These destinations, which include Lake Toba in North Sumatra, Wakatobi in Southeast Sulawesi and Morotai in North Maluku, are projected to make a significant contribution to Indonesia's annual gross domestic product (GDP) by 2030.
The agreement was signed by Coordinating Maritime Affairs Minister Luhut Pandjaitan and QIA's chief executive Sheikh Abdulla bin Mohammed bin Saud al-Thani.
"I am sure this partnership, along with commitments from both parties, will benefit not only our two governments but also Indonesians living close to these destinations. I hope QIA will begin to implement its investment plans in Indonesia soon," Luhut said, as quoted in a statement issued by the Coordinating Ministry for Maritime Affairs.
According to Sheikh Abdulla, QIA will work closely with the ministry to identify and develop tourism projects in the archipelago. Qatar seeks to invest in Mandalika in Lombok, West Nusa Tenggara.