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Indonesia allows investors to obtain permits through UOB Singapore
BKPM Chief Franky Sibarani: (Kompas
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BKPM Chief Franky Sibarani: (Kompas.com/Ambaranie Nadia K.M)
The Investment Coordinating Board (BKPM) and United Overseas Bank (UOB) have signed a memorandum of understanding (MOU) allowing UOB's clients to apply for principle licenses in Singapore without having to travel to Indonesia.
The MOU was signed by BKPM chief Franky Sibarani together with UOB deputy chairman and CEO Wee Ee Cheong, marking the BPKM's first collaboration with a non-Indonesian bank in Southeast Asia.
'This will help to promote investments in Indonesia across major sectors such as infrastructure, the maritime industry, import substitution industry, export-oriented industry, agriculture, downstream mining-based industry and tourism, as well as industrial estates,' Franky said in a press statement.
The MOU, he continued, was aimed at increasing foreign direct investment (FDI) into Indonesia and trade with the country. It is a first-in-the-market service provided by UOB through the Indonesian Investment Promotion Centre (IIPC) in Singapore.
UOB Indonesia deputy president director Iwan Satawidinata said Indonesia was a major investment destination for global and Asian companies, especially for Chinese investors after China's One Belt One Road (OBOR) initiative launched.
'Huge business opportunities are arising from increased trade connectivity within the region, which will be further boosted by the upcoming implementation of the ASEAN Economic Community [AEC],' said Iwan.
In the first nine months of 2015, FDI inflows into Indonesia continued their upward trend to hit US$21.3 billion, an increase of 16.9 percent from the corresponding period in 2014.
Asian countries remain the largest foreign investor in Indonesia, contributing to 52 percent of total FDI, with most of the investment coming from Singapore (16 percent), Malaysia (13.6 percent), Japan (11.6 percent), South Korea (4.7 percent) and China (3.86 percent).
UOB will also support Indonesian investors looking to expand overseas via the BKPM's IIPCs in Singapore, Tokyo, London, Abu Dhabi, New York, Seoul, Sydney and Taipei, said Iwan. (ags)
