Foreign Ministry, Investment Ministry Sign MoU on Economic Diplomacy in Investment Sector

Minister of Foreign Affairs Retno L.P. Marsudi and Minister of Investment/Chairman of the Investment Coordinating Board (BKPM) Bahlil Lahadalia signs the MoU, Tuesday (31/08). (Photo by: Ministry of Foreign Affairs PR)

Ministry of Foreign Affairs and Ministry of Investment/the Investment Coordinating Board (BKPM) have agreed to strengthen cooperation to increase investment in Indonesia. Thus on Tuesday (31/08), Minister of Foreign Affairs Retno L.P. Marsudi and Minister of Investment/Chairman of the Investment Coordinating Board (BKPM) Bahlil Lahadalia signed a Memorandum of Understanding (MoU) on the Implementation of Economic Diplomacy in the Investment Sector, in a virtual signing ceremony.

In her remarks, Retno highlighted positive developments in the country related to business climate transformation and establishment of the Indonesia Investment Authority (INA) as well as challenges faced in the context of global level, especially COVID-19 pandemic.

Due to these circumstances, both Ministries have agreed to work beyond business as usual and create more harmonious synergy to accelerate economic recovery.

“The MoU is prepared within this framework as a strong foundation for establishing cooperation in the next three years and to build agile, results-oriented inter-ministerial relations without any bureaucratic barriers,” Retno said.

In addition, there are several opportunities that should be seized in the near future, such as encouraging investment in the health sector, attracting green and environmentally friendly investment, and choosing strategic partners within the framework of the Sovereign Wealth Fund (SWF).

“In the midst of pandemic storm, we cannot change the wind direction, but we can adjust the sails of the ship so that we can still arrive at our destination, to an Advanced Indonesia,” she added.

In the meantime, Bahlil expressed his appreciation for the MoU. He also emphasized the importance of maximizing the role of Indonesian representatives abroad in promoting investment opportunities in the country and facilitating end-to-end investors.

According to the Minister, the Government continues to push for business licensing reforms. One of them is by accelerating business licensing through the Risk-Based Online Single Submission System (OSS) which was launched by President Joko Widodo on 9 August 2021. (Ministry of Foreign Affairs PR/UN) (GWH/MMB)