The MOU will facilitate mutual market facilitation between both jurisdictions
KUALA LUMPUR, Malaysia, Sept. 16, 2022 /PRNewswire/ -- Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.), the official marketing agency for the Labuan International Business and Financial Centre, has signed a Memorandum of Understanding (MoU) with the Kamar Dagang dan Industri Indonesia (KADIN) of West Java, Indonesia's pre-eminent trade association.
KADIN or Kamar Dagang dan Industri Indonesia is an association comprising business organisations in Indonesia. KADIN is mainly responsible for ensuring all trade and industry relating to Indonesia is carried out in a systematic and organised manner that benefits all parties involved. The 8-million strong KADIN West Java chapter consists of entrepreneurs and a combination of national businesses from various sectors, both privately-owned enterprises, cooperatives, SMEs, as well as government-owned enterprises.
The MoU aims to support Labuan IBFC Inc.'s market development activities in Indonesia and to enable the members of KADIN West Java to leverage on Labuan IBFC's suite of products and services according to their business requirements. The agreement leverages on Labuan IBFC Inc.'s earlier business trip to West Java which was aimed expanding both parties' collaboration opportunities.
The MoU was signed by Datuk Iskandar Mohd Nuli, Executive Chairman cum CEO of Labuan IBFC Inc., and Mr. Raditya Indrajaya, Chairman of KADIN West Java. The signing was witnessed by Yang Berusaha En. Rizlan Mokhtar, Director of Corporate Communication & Registry at Labuan Financial Services Authority.
Commenting after the signing ceremony, Datuk Iskandar Mohd Nuli said, "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. To this end, we are confident that Labuan IBFC's products, services and structures as well as 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 currently present in the jurisdiction."
In addition, Mr. Raditya Indrajaya said, "KADIN West Java is very pleased that our discussions with Labuan IBFC have culminated in the signing of this meaningful MoU. It is my personal dream to work with a very powerful entity in the Asia Pacific economic network. KADIN West Java hopes to deepen our collaboration with the Labuan jurisdiction in all aspects to promote economic, trade exchanges and sustainable development between Indonesia and Malaysia."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 international organisations in banking, leasing, capital markets, insurance, reinsurance, risk management and wealth management.
For more information on Labuan IBFC, please refer to www.labuanibfc.com.