Jakarta. Switzerland and Indonesia recently inked a deal to boost bilateral investment and business cooperation, according to a press statement.

Signing the deal on Tuesday were Swiss-Indonesian Chamber of Commerce, also known as SwissCham Indonesia, and the Investment Ministry or the Investment Coordinating Board (BKPM). The three-year memorandum of understanding will improve the mutually-beneficial investment climate between Indonesia and its partners.

SwissCham Indonesia and the Investment Ministry will become dialogue partners and serve as liaisons for communication between the two countries. This includes encouraging discussions related to investment policies, foreign direct investment (FDI), innovation and knowledge transfer.

In 2021, Switzerland was the 10th largest foreign investor in Indonesia with investment value of $599.8 million from 281 projects. These investment projects came from food and beverage companies, chemical and pharmaceutical, forestry, fisheries, among others.

According to Swiss Ambassador to Indonesia Kurt Kunz, SwissCham Indonesia has been actively connecting Swiss companies’ investment into the country since 2018. 

“The Comprehensive Economic Partnership Agreement between the European Free Trade Association (EFTA) and Indonesia, which entered into force in November 2021, has a wide scope of application. The agreement includes provisions on investment and comprehensive provisions on trade and sustainable development, which are expected to make a positive contribution to a mutually beneficial business and investment climate for both parties,” Kurt Kunz said.

There are currently 150 Swiss companies operating in Indonesia, creating about 50,000 jobs, according to SwissCham Indonesia chairman Chris Bendl.

"With today’s signing, SwissCham hopes to continue its contribution in promoting the ease of doing business in Indonesia and to increase investments from Swiss companies to Indonesia and vice versa," Chris Bendl said.