New Delhi [India], January 26 : Navneet Munot, the Chairman of the Association of Mutual Funds in India (AMFI) has lauded the Memorandum of Understandings (MOU) signed between India and Indonesia and said both the nations should continue to collaborate and work together.
India's Association of Mutual Funds in India (AMFI) and Indonesia's Asosiasi Manajer Investasi Indonesia (AMII) signed a MoU to enhance cooperation between the mutual fund industries of the two countries.
Munot said that in line with Prime Minister Narendra Modi's target of India becoming a developed nation, Indonesia too has set a target to become developed by 2045.
Speaking to ANI, the AMFI Chairman said, "So in line with the aspirations set by our Prime Minister that India should be a Viksit Bharat by 2047, and Indonesia also has set a target to be developed by 2045. Both these countries need to collaborate and work together. India's mutual fund industry has done very well over the last several years under the active guidance of our market regulator and with the support of everyone we have grown tremendously."
He also reflected on the opportunities in the areas of financial investments including mutual funds, and said AMFI can share its best practices and create a gateway for the Indonesian investors.
"This Capital Connect will go a long way in establishing India's leadership on many fronts and this is one of the initiatives by the Association of Mutual Funds in India to share our best practices. Indonesia's industry is relatively smaller than ours. They are, I would say, a few years behind in terms of the growth of Mutual Funds. We can share our best practices and over a period of time can also create a gateway for Indonesian investors to invest in India," he added.
Hanif Mantiq, the Chairman of Asosiasi Manajer Investasi Indonesia (AMII) also appreciated the MoU and said if Indonesian asset management wants to invest in India, the best way is to do that through their firm.
"The MoU will talk about the collaboration between Indonesian asset management with the Indian asset management through the association, through the AMFI as Indian association and through AMII as Indonesian asset management. In this year, our regulation, the OJK, issued the new regulation that Indonesian asset management can invest funds on the fund in offshore right so we can put 15 per cent of our allocation to other countries. If Indonesian asset management wants to invest in indian for example the best way is through the AMII," Mantiq said.
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