The Memorandum of Cooperation signing ceremony
Malaysia’s state-owned Penjana Kapital has signed a Memorandum of Cooperation with Indonesian VC firms Indies Capital Partners and AC Ventures.
The memorandum establishes a framework for the three firms to explore co-investment opportunities in Malaysia-Indonesia growth companies through existing and soon-to-launch funds.
Also Read: ‘Indonesia will soon see a proper credit boom for businesses, consumers’: AC Ventures
The partnership will also facilitate cross-border investments and technology transfer in key sectors such as data centres, education, hospitality, mobility, and waste management involving Indonesian and Malaysian startups.
Additionally, the deal will help Penjana Kapital find new and impactful investment opportunities from emerging sectors in Indonesia’s fast-growing economy. Further, with the help of Penjana, Indies Capital and AC Ventures will help Indonesian and Malaysian companies pursue scalable business opportunities, exchange key knowledge, and share technology for industry development and trade networking.
Both countries have shown immense commitment to fostering sustainable economic development and promoting the growth of the green economy. According to data from the Malaysia External Trade Development Corporation, the total trade value between Malaysia and Indonesia rose 43.5 per cent to RM95.1 billion (~US$21.6 billion) in 2021 compared to 2020.
Total Malaysian exports to Indonesia were up 32.5 per cent to RM39.22 billion (~US$6.9 billion), while total imports saw a 52.3 per cent improvement to RM55.88 billion (~US$12.7 billion) in the same period.
Pandu Sjahrir, Founding Partner at AC Ventures and Managing Partner at Indies Capital, said, “Through cross-border cooperation and investment, our firms have the opportunity to tap into new markets, access new sources of capital and expertise, and drive innovation and growth in both markets. We can also deepen economic ties between Indonesia and Malaysia and promote a more interconnected and prosperous ASEAN region.”
Also Read: AC Ventures hits final close of Fund III at US$205M to back early-stage Indonesian startups
Malaysian Prime Minister Dato’ Seri Anwar Ibrahim and Minister of International Trade and Industry Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz witnessed the signing ceremony during the Prime Minister’s two-day working visit to Jakarta.
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