UK & Indonesian companies seek closer ties

UK & Indonesian companies seek closer ties

British and Indonesian companies are to pursue closer ties as the UK looks to deepen its trade and investment links with the world’s fourth largest country.

A business forum, hosted by the UK-ASEAN Business Council and attended by 200 influential Indonesian and UK business leaders, was held at St James’s Palace on 2 November, 2012 to foster closer links and identify business opportunities.

The forum was addressed by Indonesian President Susilo Bambang Yudhoyono and Trade and Investment Minister Lord Green.

Trade and Investment Minister Lord Green said:

“Indonesia is an important partner for the UK in Asia. It has rapidly transformed itself into the world’s third largest democracy over the past decade. The UK’s leadership in gas exploration, infrastructure development. our internationally renowned education sector and the expertise we have developed in low carbon energy are of particular interest to the Indonesians as the country continues to develop rapidly.

“Indonesia’s economy will be larger than our own by 2030. With it’s growing middle class and abundant resources there are increasing opportunities for British business and British investment to strengthen our already strong commercial ties.”

Commercial agreements were also signed at the business forum:

  • Rolls-Royce and Garuda signed a memorandum of understanding agreeing to cooperate and work together. The MoU cements the agreements between RR and Garuda announced in April and July to provide 11 Airbus A330s and Trent 700 engines worth a total of £800m.

  • Shell and Perusahaan Gas Negara (PGN) signed a memorandum of understanding to conduct a technical and economic feasibility study for the development of liquefied natural gas operations in Indonesia.

The agreements followed the announcement by BP of a £7.5bn investment in its Tangguh gas project in Indonesia. They complement nine new long-term partnerships in higher education between signed yesterday by UK and Indonesian institutions and a new UK-Indonesia Scholarship Programme supporting up to150 PhD students to come to Britain each year.

The UK and Indonesia agreed to a high level partnership during Prime Minister Cameron’s visit to Indonesia in April agreeing to double bilateral trade to £4.4bn in 2015.

Sectors: Aerospace, Education & Training, and Oil & Gas
Countries: Indonesia
Topics: Getting Started
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