Singapore and Indonesia have agreed to conclude talks on a bilateral investment treaty between their countries before their leaders hold a retreat next month.
They will also speed up talks on the review of an agreement to avoid double taxation.
Minister for Trade and Industry Chan Chun Sing and Indonesia’s Coordinating Minister of Economic Affairs Darmin Nasution reached agreement on these points at a meeting in Singapore on Friday (Sept 7) to discuss economic cooperation ahead of this year’s Singapore-Indonesia Leaders’ Retreat in Bali.
Both entities met last week at a high-level meeting to reiterate their strategic alliance, which commenced when the two first signed a memorandum of understanding (MoU) in 2015 to promote FDI into Indonesia.
Read more on Indonesia’s economic situation
The latest session was attended by the bank’s senior executives including deputy chairman and CEO Wee Ee Cheong, head of group wholesale banking Frederick Chin, head of group FDI advisory unit Sam Cheong, as well as Kevin Lam, president director of UOB Indonesia.
BKPM’s chairman Thomas Lembong and its deputy chairman for investment cooperation, Wisnu Wijaya Soedibjo, were also present at the meeting along with Ricky Kusmayadi, director of Indonesia Investment Promotion Center (IIPC).
Commenting on the reaffirmation of UOB and BKPM’s joint commitment, Lam says he believes Indonesia’s fast-growing economy, large workforce, young population, increasing middle-class and strong consumer demand have contributed to the country’s attractiveness as an investment destination for global and Asian companies alike.
“Since 2015, UOB and BKPM have been working closely to promote foreign investments into the country. Through our strategic partnership with BKPM, we will help connect our clients to business opportunities, providing them with seamless and integrated financial solutions, as they expand into Indonesia,” says Lam.