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Qatar Will Invest More Than $500 Million In “10 New Balis.” Is That a Best Decision?

Qatar has committed to Indonesia to strengthen economic ties between the two countries by investing more than US$500 million in an Indonesian tourism project known as the "10 New Balis." With the strengthening of the economies of the two countries, it is hoped that relations between the two countries will be improved.

In recent years the trade between Qatar and Indonesia has increased. It is known that in 2020, trade between Qatar and Indonesia has reached $687 million.

On the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, there was an agreement between the Coordinating Minister for Economic Affairs Airlangga Hartarto and the Minister of Finance of Qatar, Ali bin Ahmed Al Kuwari. They discussed positive and productive things regarding the commitments of the two countries to strengthen their economies. It also discussed Qatar's initiative to invest more than $500 million to assist Indonesia in the “10 New Balis” project.

The priority development project is part of the tourism investment campaign that the Indonesian government has been promoting since 2018 to develop 10 new tourism hubs with a global reputation. This Qatar's investment is expected to contribute to the growth and development of the Indonesian economy in the long term and have a transformative impact on the local community.

Airlangga said the country had emerged from the economic recession due to the Covid-19 pandemic by recording 5.1 percent growth in the first quarter of the year. “We’ve prioritized our people, we’ve invested in them and we have their trust. We feel that if Indonesians can trust their government to serve their best interests, this is the most valuable investment of all,” he said.

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