Jakarta. Real Estate Indonesia, or REI, the country's largest property business group, has joined forces with Hong Kong, a pioneer in the public-private partnership in Asia, paving the way for expanding the scheme for special economic zones development in the Southeast Asia country. 

REI signed a memorandum of understanding (MOU) with the Institution of Public-Private Partnership (IPPP), a Hong Kong-based non-profit think-tank, on the sidelines of the Asia Financial Forum 2023 in Hong Kong on Jan 11-12, 2023. 

REI's Vice Chairman for Foreign Relations Rusmin Lawin and IPPP Chairman Billy Tam signed the MOU with Patrick Lau, the deputy executive director of the Hong Kong Trade and Development Council (HKTDC), witnessing the signing.  

"This MOU is to develop global investment networks and increase knowledge about implementing public-private partnership (PPP) schemes, also known as KPBU in Indonesia," Rusmin said in a statement. 

"Hong Kong, particularly its private sector, has been a pioneer in PPP schemes in Asia since the 1980s, with the successful development of its subway system, ports, airports, tunnels, and highways through PPP schemes," he said. 

Rusmin said the memorandum allowed Indonesia to learn from Hong Kong's experience and innovation in PPP schemes, which can be used as a reference when proposing partnerships to the government.

Billy Lam expressed his appreciation to REI and HKTDC for this opportunity to work with the Indonesian private sector and be involved in various infrastructure, satellite city, and renewable energy projects.

REI President Totok Lusida welcomed the cooperation, stating that it comes at an opportune moment as REI supports development in the Special Economic Zone, which requires innovative PPP/KPBU schemes.

The partnership aims to fulfill President Joko Widodo's goal of having 80 percent of the special economic zone (SEZ) development handled by national and multinational private sectors.

The MOU signing and roundtable session were attended by HKIPP Vice Chairman Francis Sootoo, Chairman of Hong Kong Smart City Consortium Daniel Chun, and corporate investors from China and Hong Kong.

The Asia Financial Forum 2023 was held in person for the first time since the Covid-19 pandemic, with over 20,000 business people from around the world, mainly from the investment and finance industries, and opened by Hong Kong SAR Chief Executive John Lee, featuring world-class speakers.