Memorandum of Understanding (MoU) Signing
between BKPM and The US-ASEAN Business Council
Jakarta, October 11 2010 – In an effort to promote infrastructure development in Indonesia, BKPM and the US-ASEAN Business Council today signed a Memorandum of Understanding (MOU) outlining their plans to work together to expand investment through Public-Private Partnerships, as well as explore ways to improve the efficiency and effectiveness of infrastructure development in Indonesia. BKPM was represented by its Chairman, Gita Wirjawan, while US-ASEAN Business Council President Alexander Feldman and President of Caterpillar Asia and Chairman of the US-ASEAN Business Council Infratructure Working Group Kevin R. Thieneman signed on behalf of U.S. Business.
“U.S. business commends Indonesia, and our partners in BKPM in particular, for their impressive focus on infrastructure,” said Kevin Thieneman, President of Caterpillar Asia and Chair of the US-ASEAN Business Council Infrastructure Working Group. “The Council and its members are eager to find ways to match the commitment of the Indonesian government. We look forward to creating dialogues and partnerships focused on developing Indonesia’s comprehensive infrastructure”.
The MOU between BKPM and the US-ASEAN Business Council lays out plans for investment promotion partnerships focused on infrastructure. The Council and BKPM will work together to provide U.S. investors with expanded access to information about potential investments, create information exchanges focused on how to invest in Indonesia, and support BKPM’s effort to better market available opportunities. The partnership will extend to promotional activities such as road shows and forums.
“The cooperation between BKPM and the US-ASEAN Business Council is an important milestone in the effort to attract direct investment into Indonesia. We pursued an agreement with the US-ASEAN Business Council as they are well known as the most effective and trusted advocacy group for U.S. Corporations operating in ASEAN. Last April, the Government of Indonesia also signed an agreement with Overseas Private Investment Corporation (OPIC). I believe that as these partnerships take effect, we will see an increase in US investments into Indonesia,” said Chairman of BKPM, Gita Wirjawan.
The government of Indonesia recognizes the vital role infrastructure plays in development and attracting investment, and is working through BKPM to encourage expanded use of the Public-Private Partnership Program. Indonesia is projected to require at least US$200 billion in infrastructure investment over the next four years. Currently, five projects with a net worth of around US$4.5 billion have been designated as showcase projects.
“Improving Indonesia’s infrastructure is critical to all companies operating in Indonesia, and includes building roads, ports, and bridges, but it also means improving energy security, expanding access to quality healthcare and education, and laying the building blocks for increased use of technology especially through increased access to and speed of Indonesia’s broadband system,” said US-ASEAN Business Council President Alexander Feldman. U.S. companies offer world class technology, equipment and services to help speed the development of the infrastructure projects outlined by President Yudhoyono. We look forward to working with BKPM and the Indonesia government on ensuring American companies and financial services firms are engaged and active in this process were appropriate”.
Also present at the MoU signing were representatives from the U.S. Embassy, representatives from the Coordinating Ministry of Economics, Ministry of Finance, Ministry of National Development Planning, Ministry of Energy and Mineral Resources, Ministry of Transportation, Ministry of Public Works, Ministry of Industry, select local governments (Governor of East Java, Governor of Central Java, Governor of North Sumatra, Governor of Bali, Governor of DKI Jakarta, Governor of West Java, Governor of Banten), senior executives of US-ASEAN Business Council member companies and other stakeholders.
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