REPUBLIKA.CO.ID, JAKARTA -- Indonesia and Zhejiang Province, China, on Tuesday agreed to boost cooperation in various sectors of trade and investment. Some 60 enterprises from Zhejiang attended the China-Indonesia Business Summit and China (Zhejiang)-Indonesia Business Matchmaking Meeting in Jakarta on Tuesday.

Deputy Chief of Indonesia's Investment Coordinating Board (BKPM) Himawan Hariyoga remarked here on Tuesday that the summit could serve as a platform for Zhejiang-based enterprises to explore business investment opportunities in Indonesia. "China has become the third largest investor in Indonesia after Singapore and Japan," Hariyoga stated.

Official statistics show that from 2010 to the third quarter of 2016, China's total investment commitment in Indonesia is some US$54 billion. However, only $4 billion of this commitment has changed hands. Thus, the investment of the remaining funds needs to be expedited, Hariyoga said.

Zhejiang Province has become one of Indonesia's targeted markets for investment as the region is one of the top 10 Chinese provinces, with a significant contribution to the GDP. More investors and world class enterprises from Zhejiang are expected to invest in several sectors in Indonesia such as advanced technology, the digital and e-commerce space, tourism, and vocational education for local workers, Hariyoga stated.

To provide a better climate for investment, the Indonesian government has simplified the process to obtain an investment permit through a One-Stop Integrated Service under the BKPM.

The government also provides a three-hour licensing permit service, where investors can get their investment license or permit issued in only three hours at the office. The three-hour licensing permit service has been broadened to cover investments in infrastructure, energy, and the mineral sector. At the summit, a Memorandum of Understanding was signed by the two parties.

Meanwhile, Vice Chairman of the Standing Committee of Zhejiang Provincial People's Congress Cheng Weishan noted that in 2016, the total export and import volume between Zhejiang and Indonesia had reached a value of $3 billion. Investments by Zhejiang enterprises in Indonesia reached $4.4 billion in the same year.

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