HONG KONG: Indonesia’s Investment Coordinating Board (BKPM) and its Hong Kong counterpart InvestHK agreed on Wednesday to work together in promoting investment and exchanges of best practices to serve investors.

“Hong Kong has always been one of the largest foreign investors in Indonesia and its important role as the gateway to mainland China, and as the leading regional financial and trading centers in Asia will benefit Indonesia,” noted BKPM chairman Franky Sibarani at the signing of a memorandum of understanding (MoU) with InvestHK’s acting director general of investment, Charles Ng.

Franky and Ng signed the cooperation agreement on the sidelines of a summit attended by government and business leaders from Asian countries held to discuss the outlook of infrastructure development under China’s One Belt, One Road (OBOR) initiative to connect Asia and Europe.

Franky said Hong Kong was the gateway for Indonesian businesses to invest and market products in China, the world’s second-largest economy. While Indonesia, as Southeast Asia’s largest economy, is the gateway to the 10-country ASEAN region.

Ng said the agreement would promote both inward and outward investment flows and the exchange of information on potential investment opportunities and best practices in investment promotion.

President Xi Jinping launched the OBOR initiative in early 2014 to build a network of overland road and rail routes, oil and natural gas pipelines and other infrastructure projects that will stretch from central China, through Central Asia, and ultimately reach as far as Moscow and Venice. — JP/vin

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