As a global economic giant, China is one of the largest sources of foreign direct investment (FDI) in ASEAN. In 2021, China's FDI in ASEAN countries amounted to US$13.8 billion. The ASEAN member countries are Brunei Darussalam, Indonesia, Cambodia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

"This is an outstanding achievement that deserves appreciation. For several decades, China has proven itself as a leading partner for ASEAN. I hope that ASEAN and China will continue to maintain this close partnership," Arsjad said on July 26, 2023, in Beijing.

Meeting with business sector in Beijing and Shanghai

The ASEAN-BAC delegation visited Beijing and Shanghai from July 25-27, 2023, as part of the Indonesian leadership's roadshow in 2023. The delegation held meetings with entrepreneurs affiliated with the China Chamber of Commerce for Machinery and Electronic Products (CCCME), the China Chamber of Commerce for Medicines and Health Products (CCCMHPIE), the Center of China & Globalization, the China Council for Promotion of International Trade (CCPIT) and the China Chamber of International Commerce (CCOIC).

"Alhamdulillah [thank God], the meetings were conducted in a friendly atmosphere. We have reached several agreements, one of which is the signing of a memorandum of understanding (MOU) with CCPIT and CCOIC regarding the renewal of cooperation between Indonesia and China in various business sectors under the auspices of the Indonesian Chamber of Commerce and Industry (Kadin)," said Arsjad.

The ASEAN-BAC delegation also had meetings with the Commercial Aircraft Corporation of China (COMAC), FinVolution Group and Hycan. These three companies met in Shanghai, and the delegation discussed investment opportunities in ASEAN and Indonesia. During the meeting with COMAC, the ASEAN-BAC delegation discussed further cooperation opportunities related to the aviation industry in Indonesia and ASEAN. Indonesian airline TransNusa has been using COMAC's aircraft for the Jakarta-Bali route since April 2023.

In addition, the delegation also met with the FinVolution Group to discuss cooperation in digital finance, and with Hycan, one of the leading electric vehicle companies in China, the ASEAN-BAC delegation discussed the potential marketing of Hycan products in ASEAN.

During the ASEAN-BAC roadshow in China, the delegation invited Chinese government officials and business actors to attend the Business Investment Summit 2023 and the ASEAN Business Awards 2023, both of which will be held in Jakarta on September 3-4.

Indonesia, he continued, serves as a concrete example of China's cooperation in the ASEAN region. In the healthcare sector, Chinese companies have developed innovative, effective and cost-efficient technologies, especially in the fields of biology and vaccination, to help accelerate health transformation.

In the past decade, China has become a primary source of innovation in the life sciences, excelling in developing new and cost-effective versions of complex products.

"China is at the forefront of biotechnology, genomics and bioengineering, which will drive healthcare management in the future. Chinese innovation brings hope to developing countries," added alternate chair of ASEAN-BAC Bernardino Vega.

Indonesia and China can together facilitate the creation of an attractive market for the latest innovations, including life science products.

"It must be acknowledged that the biggest barrier to Chinese investment in Indonesia at present is regulatory issues. We hope there will be an agreement regarding regulations and the reduction of barriers to open the market for Chinese innovation in Indonesia," said Arsjad.

Chair of ASEAN-BAC accompanies Jokowi in Chengdu

After conducting the ASEAN-BAC roadshow in Beijing and Shanghai, Arsjad, made a separate visit to Chengdu, China from July 27-29. In Chengdu, Arsjad accompanied Indonesian President Joko “Jokowi” Widodo for a business meeting with the Indonesian Chamber of Commerce in China (INACHAM) and several other Chinese entrepreneurs, at the Shangri-La Hotel. The meeting focused on inviting Chinese investors to Indonesia in order to help accelerate the development of the electric vehicle (EV) ecosystem, the advancement of renewable energy and the construction of the new Indonesian capital city (IKN).

ASEAN-BAC maintains a close partnership with several companies in Indonesia, including PT Astra International Tbk., Indika Energy, Sinar Mas, Bakrie Group, East Ventures, Indofood, Mayora Group and MRT Jakarta, in order to support the transition to more environmentally friendly energy in the country.

Vice President and Group CEO of Indika Energy, Azis Armand, revealed that the use of EVs and the development of an ecosystem to support them are key factors in accelerating the energy transition in Indonesia.

"We believe that electric vehicles and their ecosystem will help reduce the carbon footprint and support the development of a green economy," said Azis.