UOB inks collaboration deal with Indonesian investment agency

To facilitate more FDI into the archipelago.

United Overseas Bank has inked a Memorandum of Understanding (MOU) with Indonesia's Investment Coordinating Board (BKPM) in a bid to increase foreign direct investments (FDI) into, and trade with, Indonesia.

The MOU marks BKPM’s first collaboration with a non-Indonesian bank in Southeast Asia. BKPM is an agency that supports FDI into Indonesia as well as Indonesian companies venturing overseas.

Under the MOU, UOB's clients can apply for their Indonesia Principle Licence directly in Singapore. The Principle Licence is the first licence a foreign company must obtain to incorporate an entity in Indonesia.

“This MOU brings together the complementary strengths of UOB’s long-established regional network and BKPM’s as leading government agency for FDI to help regional businesses expand into the country. This will help to promote investments in Indonesia across major sectors such as the infrastructure, maritime, import substitution, export oriented, agriculture, downstream mining, industrial estate and tourism industries,” said Franky Sibarani, Chairman of BKPM.

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