JAKARTA, Nov 10 — Malaysia has continued to expand its investments in Indonesia through 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.
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,” Prime Minister Datuk Seri Ismail Sabri Yaakob 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 on Tuesday.
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.