Jakarta, CNN Indonesia - The Investment Coordinating Board (BKPM) signed a memorandum of understanding or a Memorandum of Understanding (MoU) on Investment Promotion Cooperation with the Philippines. The signing was represented by the Deputy for Investment Promotion at BKPM Ikmal Lukman and the Chief Executive of the Investment Board of the Republic of the Philippines Ceferino S. Rodolfo. The scope of cooperation stipulated in this MoU includes the exchange of investment information such as policies, regulations and, investment licensing procedures as well as potential investment opportunities, including the realization of foreign investment from each country.
In addition, the MoU also covers promotional cooperation and investment facilities from the Philippines to Indonesia and vice versa; as well as working together in conducting business meetings, such as seminars, roadshows and, match-making meetings. This cooperation will be valid for a period of 5 years and can be extended for 3 years with the written consent of both parties.
Based on the records of the BKPM Operations Command and Investment Escort Center (KOPI Center), during the first semester of 2020, the realization of Philippine investment in Indonesia was US $ 128.3 thousand. These investments include the Hotel and Restaurant sector (US $ 104.2 thousand); Food Industry (US $ 22.8 thousand); Transportation, Warehouse and Telecommunication (US $ 0.7 thousand); and Trade and Repair (US $ 0.6 thousand).