China and Indonesia have signed a USD 10 billion agreement to strengthen cooperation in renewable energy, technology, biotechnology and food security. Indonesian President Prabowo Subianto's visit to China following his election victory cemented the strategic ties between the two countries.
More than 20 companies from both countries signed agreements at the China-Indonesia Business Forum, signing projects in areas such as high-tech manufacturing, healthcare and finance. Shenzhen-based green energy firm GEM will partner with PT Vale Indonesia to build a new nickel extraction plant in Indonesia's Central Sulawesi region. In addition, Indonesian tech giant GoTo will strengthen its digital infrastructure in cooperation with Alibaba and Tencent.
President Prabowo said that these collaborations will increase mutual prosperity and offer a cooperative model for developing countries. Indonesia strengthened its trade with China, reaching a trade volume of USD 92.79 billion in the first eight months of 2024. The newly established Green Mineral Resources Partnership aims to increase Indonesia's renewable energy capacity. It also aims to create jobs and stimulate industrial growth by collaborating with Chinese industrial parks on the development of Indonesia's new capital, Nusantara. These agreements reinforce Indonesia's commitment to the green energy transition.
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