PH, Indonesia investment agencies partner on promotion cooperation

The investment boards of the Philippines and Indonesia have signed a memorandum of understanding (MoU) on the greater facilitation, collaboration and promotion of programs and joint activities between their two countries.

In a statement on Wednesday, the Board of Investments (BoI) said its managing head, Trade Undersecretary Ceferino Rodolfo, signed the MoU with Ikmal Lukman, Indonesia Investment Coordinating Board (BKPM) deputy chairman, during a virtual ceremony.

“This is a testament to foster investment promotion cooperation between our agencies as part of our national government’s efforts for a closer bilateral relationship with Indonesia,” Rodolfo said of the MoU.

“Both are emerging economies and have a lot of similarities, being archipelagic and accounting for a majority of the consumer market in the Asean (Association of Southeast Asian Nations) region. Our large populations, constant pursuit of economic growth and even our similar situation in this pandemic complement our needs and provide an imperative for greater cooperation,” he added.

The MoU is expected to facilitate direct investments in Philippine and Indonesian enterprises.

It also allows both agencies to exchange information on policies, regulations and procedures on investment issues, and potential investment opportunities.

The MoU will also promote and facilitate direct investments from the Philippines to Indonesia and vice versa. This includes helping companies in one country understand licensing requirements in the other.

It also aims to foster closer cooperation in organizing business meetings, joint consultations, seminars, road shows and business matchups in areas of common interest.

“The roles of BOI and BKPM as central points of contact for existing and potential foreign investors will spur not only our efforts to promote and facilitate investment activities and services, but also trigger mutual economic growth,” Rodolfo said.

Lukman said he hoped cooperation between the two countries would be enhanced, adding that “both countries can do something more synergized and can utilize the competitive advantage and comparative advantage of each country, which certainly has different characteristics.”

According to him, through the MoU, the Philippines can help Indonesia increase its foreign investments and vice versa.

Indonesia is the Philippines’ eighth trading partner, 13th export market, 6th import source, and 27th source of approved investments in 2019.

Source: TheManila Times