Qatar based Qatar Investment Authority, or QIA, signed a memorandum of understanding with the Indonesian government for a $500 million investment in Indonesia tourism.
Under this agreement, QIA will invest the amount on 10 tourist destinations in Indonesia, also known as “10 New Balis.”
The destinations include Lake Toba in North Sumatra, Wakatobi in Southeast Sulawesi and Morotai in North Maluku, are projected to make a significant contribution to Indonesia’s annual gross domestic product (GDP) by 2030.
The agreement was signed by Coordinating Maritime Affairs Minister Luhut Pandjaitan and QIA’s chief executive Sheikh Abdulla bin Mohammed bin Saud al-Thani.
“I am sure this partnership, along with commitments from both parties, will benefit not only our two governments but also Indonesians living close to these destinations. I hope QIA will begin to implement its investment plans in Indonesia soon,” Luhut said, as quoted in a statement issued by the Coordinating Ministry for Maritime Affairs.
According to Sheikh Abdulla, Qatar Investment Authority will work closely with the ministry to identify and develop tourism projects in the archipelago. Qatar seeks in Mandalika in Lombok, West Nusa Tenggara.