The Indonesian Government and the Hong Kong Special Administrative Region (HKSAR) has signed 16 memorandum of understanding (MoUs) to strengthen business relations between the two parties in various sectors, including finance, aviation, and technology.

Chief Executive of HKSAR, John Lee, along with several high-ranking officials from HKSAR and representatives from Indonesian ministries and agencies and business leaders, signed the MoUs at Hotel Shangri-La in Jakarta on Wednesday, July 26.

"We see significant potential to enhance trade cooperation between Hong Kong and Indonesia. These 16 MoUs will focus on three business sectors," said Lee.

He stated that within the next two to six months, there will be substantial investment commitments resulting from the signing of these MoUs.

Meeting with major Indonesian businesses

During their two-day visit to Indonesia, from Wednesday to Thursday, July 26-27, the HKSAR delegation held meetings with representatives from Indonesian companies such as Lippo Group and CT Corporation. They also visited the Jakarta-Bandung high-speed railway project, an example of cooperation between Indonesia and China.

"These MoUs pave the way for businesses to engage available human resources. Both Hong Kong and the Indonesian government have agreed on the direction of future development cooperation," added Lee.

Among the numerous MoUs signed are collaborations between HKSAR and the Indonesian Ministry of Trade, HKSAR and the Ministry of Industry, HKSAR and the Ministry of Tourism and Creative Economy of Indonesia, HKSAR and the Indonesian Chamber of Commerce and Industry (Kadin Indonesia), Hong Kong Observatory and the Indonesian Agency for Meteorology, Climatology, and Geophysics (BMKG), cooperation between the Hong Kong Stock Exchange and the Indonesia Stock Exchange (BEI), and others.

In the same event, Indonesian Deputy Minister of Trade, Jerry Sambuaga, emphasized that the signing of these 16 MoUs would be beneficial for both parties, as Hong Kong is considered an important trading partner for Indonesia.

"I am optimistic that the relationship between Indonesia and Hong Kong will grow stronger and mutually beneficial," he stated.

Jerry revealed that Indonesia's total trade value with Hong Kong reached US$2.1 billion from January to March 2023 and is expected to surpass last year's achievement of US$5.9 billion.