(MENAFN) A deal signed between the UAE and Indonesia costs USD27 billion during the trip of Joko Widodo, President of Indonesia to the country and the nations are seeking to increase two-way trade in the upcoming four years from USD2.5bn last year as ties improve.

The government and the private industry units signed agreements in several industries including energy, aviation, financial services, artificial intelligence, agriculture and defense. On Friday, Muhammad Lutfi, UAE’s trade minister stated to reporters that deals worth around USD10bn were agreed on with Indonesia’s sovereign wealth fund.

DP World signed a USD7.5bn agreement with Indonesia's sovereign wealth fund to improve the South-East Asian nation's harbors over a time period of up to 30 years, whereas the UAE’s federal export credit agency, Etihad Credit Insurance, signed a deal with public-sector reinsurance facilities provider Indonesia Re to increase funding access to small and medium initiatives and mid-cap firms to improve exports.

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