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Indonesia-Kazakhstan commit to finish investment agreement draft
Written by rahma
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Indonesia and Kazakhstan are committed to finishing the Investment Promotion and Protection Cooperation between the two nations, with the draft's second negotiation round being held in Bali, 6-7 May 2024. The agreement named Bilateral Investment Treaty (BIT) will play a crucial role in giving legal protection and business certainty for Kazakhstan investors in Indonesia and Indonesian business people intending to invest in Kazakhstan.
Quoting Antara, the Indonesian Ambassador for Kazakhstan M. Fadjroel Rachman in a press release of Indonesian Embassy in Astana, received in Jakarta, Sunday said both Indonesia and Kazakhstan is very committed to finishing the negotiation since the treaty will play a big role as a catalyst for investment growth from Kazakhstan to potential and priority sectors in Indonesia, and from Indonesia to Kazakhstan.
Ambassador Fadjroel said Indonesia and Kazakhstan reached a principle agreement for all main issues written in the agreement draft text.
This showed that Indonesia's position and approach have many similarities with Kazakhstan, apart from strong aspiration from the two to immediately finish the treaty in the first semester of this year.
Ambassador Fadjroel further remarked that currently there is a strong intention of Kazakhstan to invest in Indonesia, especially in Nusantara Capital City. Kazakhstan's smart mobility company has launched pilot project investment in Nusantara and Balikpapan. Moreover, BI Group, the biggest Kazakhstan construction company, is exploring investment opportunities in Nusantara.
The negotiation was attended by Kazakhstan government delegates consisting of Foreign Ministry, Justice Ministry, Trade and Integration Ministry, and Investment Agency "Kazakh Invest".
Meanwhile, Indonesia was represented by Foreign Affairs Ministry, Investment Ministry, and Financial Services Authority. The two are committed to have another round of negotiation in June 2024 through video conference to finish the BIT text discussion immediately.
