OCTOBERASIA BUSINESS OUTLOOK9NEWSROOMINDONESIAN SOES EYE FUNDING IN CENTRAL & SOUTH ASIAThe relationship between Saudi Arabia and China has strengthened into a stable strategic alliance, unaffected by the United States' situation. Chinese Prime Minister Li Qiang went to Saudi Arabia for the Saudi-Chinese joint committee business meeting, where he was joined by Saudi Crown Prince Mohammed bin Salman. This meeting was one of many attempts to improve energy relations between the two countries.Li Qiang stated his wish to enhance coordination between the development strategies of both countries and boost a further. The primary focus of the meeting of the Supreme Committee was on ensuring the availability of energy resources. While topics like the trade deal, current challenges, and competition from Chinese goods in the Saudi market were addressed.Riyadh aims to reassure Beijing of its capability to provide oil for a long time. Before the meeting, Saudi Aramco, the national oil company of Saudi Arabia, declared on its webpage the execution of two agreements with two Chinese energy firms. In the documents that were signed, Saudi Aramco promises to strengthen their support for China's energy security and the growth of the industry in the medium and long run.As Saudi Arabia deepens its ties with China, the interactions, deals, and statements are seen as sending unfavorable signals to the US, its top ally. China understands that its economy is impacted by US foreign policy due to the dollar-based pricing of oil. Indonesian state-owned companies plan to investigate potential investments in Central and South Asia's non-traditional market during an upcoming forum. The 2024 Indonesia-South and Central Asia (INASCA) Business Forum will be hosted by the Indonesian government in Jakarta on Oct. 7. Numerous companies from both local and the mentioned two areas will come together for business discussions.Abdul Kadir Jaelani, a director-general at the Foreign Affairs Ministry, stated that Indonesia has not fully utilized the mostly unexplored markets in Central and South Asia, which is why the forum is emphasizing on them.Kadir stated that Indonesia had not established a goal for the amount of money they would earn from the yearly business event. Nevertheless, focus will be on securing investment deals."We are aware that Indonesia is not only an investment destination but also a capital-exporting country. South Asia and Central Asia hold a quite large potential and we can see our SOEs potentially playing a role in these regions," Kadir told the press in Jakarta on Friday.Kadir also mentioned that Pertamina, the state-owned oil and gas company, would participate as one of the SOE representatives. Pertamina has previous experience dealing with both of these regions. In 2022, Pertamina's gas subsidiary PGN in South Asia signed a memorandum of understanding (MoU) with Intraco. The agreement involves the construction of liquefied natural gas (LNG) and natural gas infrastructure in Bangladesh. SAUDI ARABIA EMPHASIZES ENERGY RELATIONS WITH CHINA OVER DEALS WITH USSEPTEMBERASIA BUSINESS OUTLOOK9
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