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Labuan IBFC inks MoU with Indonesia's Kadin West Java

16/09/2022 03:22 PM

By Jailani Hasan

LABUAN, Sept 16 (Bernama) -- The Labuan International Business and Financial Centre Incorporated Sdn Bhd (Labuan IBFC Inc), the marketing agency for the Labuan International Business and Financial Centre, has signed a memorandum of understanding (MOU) with Kamar Dagang dan Industri Indonesia (KADIN) of West Java, Indonesia’s pre-eminent trade association here today. 

The MOU is aimed at supporting Labuan IBFC Inc’s market development activities in Indonesia and enabling the members of KADIN West Java to leverage on Labuan IBFC’s suite of products and services.

The MOU was signed by Datuk Iskandar Mohd Nuli, the executive chairman and CEO of Labuan IBFC Inc, and Raditya Indrajaya, the chairman of KADIN West Java.

KADIN, or Kamar Dagang dan Industri Indonesia, is an association comprising business organisations in Indonesia and is mainly responsible for ensuring all trade and industry relating to Indonesia is carried out in a systematic and organised manner.

The KADIN West Java chapter consists of entrepreneurs and national businesses from various sectors, both privately and government-owned enterprises, cooperatives, and SMEs.

Iskandar said the MOU was not merely a collaboration but rather more akin to the building of another bridge connecting both countries.

“We are honoured to partner with KADIN West Java as we seek to make further inroads into the Indonesian market, particularly West Java which has a population of 50 million people. 

“To this end, we are optimistic that Labuan IBFC’s products, services and structures and its progressive regulatory framework and simplified tax structure are well suited to meet the requirements of our target audience, as evidenced by the 300 Indonesian companies (mostly in trading) currently present in the jurisdiction,” he said.

Iskandar said bilateral ties between Malaysia and Indonesia have flourished for more than 63 years, and continue to remain strong. 

“As such, there is a strong commitment on both sides to further strengthen and deepen the existing relationship at every level and in all fields.

“This has been demonstrated through active engagements between both sides, where high-level exchanges continue to shape the framework for Malaysia-Indonesia relations moving forward, with Indonesia currently being Malaysia’s ninth-largest trading partner and the third largest among ASEAN countries,” he said.

KADIN chairman Raditya Indrajaya said the MoU with Labuan IBFC would enable the KADIN to promote trade exchanges and sustainable development between Indonesia and Malaysia, particularly in Labuan IBFC.

“This is the first time we collaborate with Labuan IBFC Inc, we will promote Labuan IBFC’s products and services to KADIN’s members,” he said. 

As Malaysia’s international business and financial centre, Labuan IBFC currently houses and supports more than 880 licensed institutions and more than 17,000 companies.  These include companies in banking, leasing, capital markets, insurance, reinsurance, risk management and wealth management.


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