French outgoing President Francoise Hollande is visiting Jakarta this week to boost bilateral ties with Indonesia. Hollande is bringing with him investment agreements worth US$2.6 billion. President Joko Widodo and President Hollande will witness the signing of 10 agreements covering defence, maritime and fishery affairs, sustainable urban development, research exchange programs, research, innovation and higher education and administrative arrangements relating to tourism. Internet of Things, culture and the creative industry also features prominently.
According to Jakarta Post, from the expected $2.6 billion, $1 billion would go to the energy sector and $1.1 billion into infrastructure, with a focus on transportation and tourism infrastructure, while the remaining $500,000 would be invested in retail businesses.
Accompanying President Hollande is a delegation of businesses interested in industries such as cosmetics, rubber processing, agriculture and aerospace.
Trade between both countried have been on a downward trend – with a recorded value of $2.23 billion in 2016, in favour of France. In 2012, trade hit $3 billion.