Heaptalk, Jakarta — President Joko Widodo made his final state visit to the United Arab Emirates (UAE) from Tuesday to Wednesday, July 16-17, 2024. His meeting with President Mohamed bin Zayed Al Nahyan (MBZ) highlighted two main issues in their bilateral cooperation: The establishment of a financial center in Nusantara Capital and the advancement of the nickel industry.
To build the financial center in IKN, the Indonesian government aims to study the system used in the Dubai International Financial Center (DIFC). “We want to emulate the system there, including how they recruit and attract funds into the DIFC,” Jokowi said.
Representatives from Nusantara Capital Authority and the Dubai International Financial Center have signed a memorandum of understanding (MoU) to establish this financial center. Jokowi emphasized, “We hope that the financial center in IKN can be established soon and start operating promptly.”
Meanwhile, the cooperation in the nickel sector discussed between Jokowi and Mohamed bin Zayed covers the entire value chain from upstream to downstream, including mining, cathode and precursor production, EV battery manufacturing, and EVs themselves. Apart from the UAE and Indonesia, two other countries are currently being approached for cooperation.
“If successful, we hope to control 80-85% of the global market,” Jokowi added. This cooperation underscores the importance of international collaboration in strengthening Indonesia’s position in the global market, especially in rapidly growing industries such as electric vehicles and battery technology.