Jakarta. President Joko “Jokowi” Widodo’s two-day visit to the United Arab Emirates has resulted in $32.7 billion worth of business and investment commitments, Foreign Minister Retno Marsudi said on Thursday.

During the visit, Jokowi met with Abu Dhabi Crown Prince Mohamed bin Zayed Al Nahyan, popularly known as MBZ, and the Ruler of Dubai, Mohammed bin Rashid Al Maktoum, to discuss bilateral cooperation in various areas.

Retno said both countries agreed to forge cooperation between the Indonesia Investment Authority and UAE’s Abu Dhabi Growth Fund and DB World and b-to-b collaboration including joint solar panel project between state-run energy company Pertamina and Masdar, investment in an oil refinery in the East Kalimantan city of Balikpapan, Covid-19 vaccine distribution, and biotechnology industry, among other things.

“Altogether the value of commitments has reached $32.7 billion so far at this point,” Retno was quoted by Antara news agency as saying.

When attending Indonesia-UAE Investment Forum in Dubai, Jokowi said his government needs huge investment and financial support to relocate the national capital from Jakarta to East Kalimantan.

“Building the new capital city will cost at least $35 billion,” the president said.

Renewable energy and trade are two other main sectors UAE investors can play a key role in Indonesia, he said.

He and the ruler of Dubai witnessed the exchange of a series of memoranda of understanding (MoUs) and agreements on financial services, investment, travel, energy, and the avoidance of double taxation.

According to government data, UAE’s non-oil trade with Indonesia was valued at $2 billion last year. In the last five years, the total value of non-oil trade between Indonesia and the UAE has exceeded $11 billion.

After his meeting with MBZ a day earlier, Jokowi visited Al Jubail Island and planted a mangrove tree. 

On his way to the Jubail Mangrove Park, the president and his entourage traveled past a street and a mosque named after him.

Jokowi tweeted the naming of the street and the mosque "reflects UAE's deep respect to Indonesia".