Japanese online retail conglomerate Rakuten says it remains committed to the Indonesian market despite ending its local partnership contract.

As reported by InsideRetail.Asia last month, Rakuten terminated its joint venture with Indonesian company PT Global Mediacom (MNC Group).

But on Thursday the company issued a brief statement reasserting its confidence in Indonesia.

“From the beginning, we recognised Indonesia’s potential to become one of the biggest e-commerce markets in Asia, and our confidence in the market has only increased in the last two years,” said Toru Shimada, senior executive officer, head of Asia headquarters, Rakuten.

Rakuten believes that the company will be well positioned to not only accelerate the value that its B2B2C model and e-commerce platform brings to both merchants and consumers, but also help spur the evolution of the Indonesian e-commerce landscape, says Shimada.

“With the launch of Rakuten’s regional headquarters in Singapore last year, we are now able to accelerate the growth of our businesses around the region and will be increasing our investment in this exciting market,” said Shimada.

Rakuten’s business in Indonesia, Rakuten Belanja Online, was launched two years ago.

Rakuten said it would not make any further comment on Indonesia for the time being.