Taiwan and Indonesia on Monday signed a memorandum of understanding (MOU) on comprehensive economic cooperation to forge closer business ties.
Representative to Indonesia John Chen (陳忠) and Indonesian Economic and Trade Office in Taipei head Didi Sumedi inked the MOU on behalf of their nations.
Minister of Economic Affairs Shen Jong-chin (沈榮津) and Deputy Minister of Economic Affairs Wang Mei-hua (王美花) witnessed the signing of the deal.
The agreement is part of the government’s efforts to push for exchanges under its New Southbound Policy, which seeks to reduce economic dependence on China, Chen said.
Under the MOU, Taiwan and Indonesia would set up a platform for bilateral communication on areas such as infrastructure and the establishment of special economic zones, he said.
The two nations would also work together on trade, industrial development, investment, agriculture and training courses for government officials, he added.
The MOU would serve as a framework for the establishment of working groups that would map out specific cooperation projects, which are expected to help Taiwanese investors in Indonesia obtain more business opportunities, he said.
The deal would also help Taiwanese companies gain greater visibility in Indonesia and increase their market share in the Southeast Asian nation, he said.
Indonesia’s industrial development would be upgraded as Taiwanese investment increases, while more jobs would be created, which would also help grow the economy, he added.
Indonesia is keen to work on infrastructure with Taiwanese firms, which have a good reputation in that field, Chen said.
The New Southbound Policy seeks to promote better relations with members of ASEAN, including Indonesia, South Asian nations, New Zealand and Australia.
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