Indonesia, UAE to Develop Financial Center in Nusantara Capital

President Jokowi delivers press statement at Si Jalak Harupat stadium, Bandung regency, West Java province, Friday (07/19). (Photo by: BPMI/Rusman)

During his working visit to the United Arab Emirates (UAE), President Joko “Jokowi” Widodo highlighted two key areas for strengthening bilateral cooperation.

“We discussed two important things, even though we also discussed other things,” President Jokowi said at Jalak Harupat stadium, Bandung regency, West Java province, Friday (07/19).

First, the Head of State and UAE President Mohamed bin Zayed Al Nahyan discussed financial center development in Nusantara Capital. President Jokowi said that the Government wanted to study the system and procedures at the Dubai International Financial Center (DIFC).

In addition, the President revealed that an MoU between the Authority of Nusantara Capital and DIFC had been signed. “I hope that the financial center at Nusantara Capital will soon be established and in operation,” he said.

Second, the two leaders discussed cooperation in the nickel sector, which covers the whole chain from upstream to downstream—starting from mining, cathode and precursor production, EV battery manufacturing, to electric vehicles (EV). Apart from the UAE, Indonesia also approached two other countries to collaborate in the sector.

“If this is successful, I hope Indonesia is able to control 80-85 percent of the global market,” President Jokowi remarked.

The collaboration underscores the importance of international collaboration in strengthening Indonesia’s position in the global market, especially in rapidly developing industries such as EV and battery manufacturing. (BPMI of Presidential Secretariat/DNS) (GWH/MUR)