Indonesia’s Coordinating Minister for Maritime Affairs, Luhut Binsar Pandjaitan, and CEO of Qatar Investment Authority (QIA) HE Sheikh Abdulla bin Mohamed bin Saud al-Thani have signed a Memorandum of Understanding (MoU) that will see QIA investing up to $500mn to boost tourism in the south-east Asian country.
Under the MoU, QIA will invest the money in a series of projects to develop tourism within Indonesia’s 'Top 10 Tourism Priority Destinations', a press statement issued by QIA said.
These 10 destinations have been identified to make tourism as the largest contributor to Indonesian GDP by 2030.
The Indonesian Coordinating Ministry for Maritime Affairs (CMMA) will work closely with QIA to explore and evaluate potential investment development opportunities in the 10 destinations.
The MoU also allows QIA to invite other co-investors to join the project alongside QIA.
Pandjaitan praised the MoU, saying it could fast track the development of the 10 designated tourism destinations in Indonesia.
He said: “ The signing of this MoU marks a significant step for both countries’ relationship. This may accelerate the development of 10 tourism destinations of Indonesia. I am glad QIA will participate in supporting the development of Indonesia tourism. I am very confident through this partnership, with both sides’ strong commitment, this investment cooperation will benefit not only the nations, but also Indonesian communities around the projected tourist destinations. I hope QIA can start to detail and implement its investment plan in Indonesia. I look forward to working together with QIA in the near future.”
HE Sheikh Abdulla said: “I am delighted to join Minister Luhut Binsar Pandjaitan today to sign this important Memorandum of Understanding. Indonesia’s plans to build and develop its tourism industry presents an exciting opportunity for QIA to grow our strong portfolio of tourism-related investments around the world. We look forward to working with the Coordinating Ministry of Maritime Affairs to identify and develop projects that will further establish Indonesia as one of the world’s premier tourist destinations.”
Qatar Investment Authority was founded in 2005 to strengthen the country's economy by diversifying into new asset classes. Its mission is to invest, manage and grow Qatar’s reserves to create long-term value for future generations.