The Philippines-Indonesia Economic and Investment Summit saw the signing of five agreements in the tourism, agriculture and e-commerce industries, Philippine officials at the Jakarta embassy said.
“Most of the business agreements are in MoU (memorandum of understanding) format and basically connecting companies/associations to further their partnership,” economic attaché Alexander J. Araque said in an e-mail in response to queries from BusinessWorld Friday.
The Philippine Business Club, Indonesia (PBCI), Philippine Trade and Investment Center, Jakarta (PTIC-Jakarta) and the Philippine Embassy hosted on June 18 the first Philippines-Indonesia Economic and Investment Summit in Jakarta.
The Summit, organized by the Philippine Chamber of Commerce and Industry (PCCI) and the Indonesian Chamber of Commerce and Industry, marks the 70th anniversary of the two countries’ bilateral and diplomatic relations. It was attended by some 300 businessmen, government officials and diplomats.
The MoUs include a Cooperation Agreement between the PBCI and the Cagayan Economic Zone Authority (CEZA), which Mr. Araque said “aims to promote CEZA to Indonesian investors through the network of PBCI.”
Jet Tech Philippines was also able to close a deal with Satmarindo Group to develop a coconut mill in Sulawesi, Indonesia; while Blue Pearl Travel and Tours partnered with PT Aliyad Destinasi Indonesia.
Fintech company Weepay Processing Corp. signed MoUs with KOIN TOKO Indonesia and PT Passpod Indonesia for e-commerce development and digital tourism, respectively.
The Embassy noted in a June 29 statement that several Philippine firms operating in Indonesia are seeking regional expansion and local partners with the economic integration of Southeast Asian economies.
The Embassy reported that bilateral economic relations between the Philippines and Indonesia has been growing at an average of 3.4% annually over the last five years.
The two largely trade refined copper and copper concentrates, coal, coffee, coffee extracts, crude coconut oil, motor vehicles parts and accessories.
Among those present during the Summit were Philippine Ambassador to Indonesia Leehiong T. Wee, Tourism Secretary Bernadette Romulo-Puyat, Board of Investments Gov. Marjorie O. Ramos-Samaniego, Indonesia Tourism Minister Arief Yahya and Deputy Minister Rizki Handayani.
Also in attendance were PBCI Chairman Antonio B. Capati and Indonesian Chamber of Commerce and Industry Vice Chair Shinta Widjaja Kamdani.