JAKARTA (TheInsiderStories) - The Indonesian Chamber of Commerce and Industry (KADIN) signed 12 memorandum of understanding (MoU) with Phillipines Chamber of Commerce and Industry (PCCI) with total investment US$300 million at the sidelines Business Forum meeting held in Manila, Philippines on Friday. KADIN is part of delegation during President Joko Widodo’s visit to the Philippines on April, 28-30 to attend the 30th ASEAN Summit.
Chairman of KADIN Indonesia Rosan P. Roeslani said, the signing of the MoUs involved businesses engaged in property, pharmaceutical, infrastructure, manufacturing, tourism, distribution and consumer products. Shinta Widjaja Kamdani, Vice Chairman of KADIN added, this signing is for the enhancement of cooperation between the two countries as well as providing mutual information related to trade barriers between the two countries.
“KADIN fully supports the development of Indonesian brands in the ASEAN market. The expansion of Indonesian brands especially to the Philippines will extend the reach of Indonesian products, especially SME products,” said Shinta.
Beside sign the MoUs, Indonesia - Philippines to launch the ASEAN Roro Network Project and will witnesses the opening of the Roro Davao - General Santos - Bitung to increased trade of both countries, especially for Eastern Indonesia.
“Market access to the Philippines will become easier through Bitung ports for commodities and products from Eastern Indonesia, as well as from Mindanao,” Rosan said. In addition, shipping costs become cheaper and the shipping time is shorter. Business actors from both countries have also started to identify various commodities and products that can be exported or imported.
The Philippines is Indonesia’s 11th largest trading partner with total trade between the two countries reached $4.9 billion in 2015 with an average growth of 6.3 percent in last five years.
Today, President Widodo and the delegation will visit the Malacañang Palace to meet Philippine President Rodrigo Roa Duterte followed by bilateral meeting, signing of cooperation document and ending with joint press statement.