President Ferdinand R. Marcos Jr. secured $22 million in investments through his meetings with Indonesia’s prominent companies during his visit to Jakarta for discussions aimed to foster stronger collaborations in the fields of animal health, artificial intelligence (AI), and digital connectivity.
The meetings took place on Tuesday, coinciding with his participation in the 43rd Association of Southeast Asian Nations (ASEAN) Summit and Related Summits.
The engagement reflects Marcos’ commitment to enhancing economic ties and technological advancements within the ASEAN region, showcasing the potential for growth and innovation in these critical sectors.
Marcos met the top corporate executives of PT Vaksindo Satwa Nusantara, PT WIR Asia Tbk, and Pasifik Satelit Nusantara (PSN).
PT Vaksindo Satwa Nusantara intends to cooperate with its local partner, Univet Nutrition and Animal Healthcare Company (UNAHCO Inc.) Philippines, on veterinary vaccines and will pursue an infusion of US$2 million in investments this year.
The companies would provide the Philippines with an avian influenza vaccine.
Then, Marcos met with PT WIR Asia Tbk., whose subsidiaries made a commitment to invest US$20 million.
WIR is an Indonesian publicly listed company that develops augmented reality (AR) technology integrated with virtual reality (VR) and artificial intelligence (AI). It is considered the first Metaverse company in Indonesia.
Marcos also met with Pasifik Satelit Nusantara (PSN), who provided an update on the fruition of the memorandum of understanding (MOU) signed last year, which involved the launching of a satellite in December 2023 that could help improve digital connectivity in the Philippines.
PSN signed the MOU with WIT Philippines Inc. in September last year during Marcos’s State Visit to Indonesia.
The allocation of 13.5 Gbps of bandwidth for the Philippines from a new satellite that PSN is scheduled to launch within the year will allow WIT to fulfill its intentions of developing a bigger market for both government and consumer markets in the Philippines.