Singapore, Indonesia reaffirm strong economic ties

They also look at collaborating in other areas such as energy, and the digital economy.

Singapore and Indonesia have reaffirmed their strong bilateral economic relations, as well as opportunities for cooperation in other areas, according to the Ministry of Trade and Industry.

Minister for Trade and Industry Gan Kim Yong visited Indonesia from 29 to 31 May and met with Indonesian Minister of Investment Bahlil Lahadalia, Minister of Energy and Mineral Resources Arifin Tasrif, and the Head of the Nusantara National Capital Authority Bambang Susantono.

The ministry said both countries expressed interest in “deepening bilateral cooperation” in other areas such as energy, infrastructure development, and the digital economy.

“Singapore and Indonesia share excellent bilateral economic relations. Indonesia is a key market for Singapore businesses looking to venture overseas,” Gan said. 

“We will continue to work closely with the Indonesian government to deepen our bilateral economic ties and help our businesses explore new opportunities in Indonesia,” he added.

The Singapore Business Federation also piloted its “Landing Pad Programme” in its business event in Jakarta which aimed to provide companies with a “tailored immersion experience” to accelerate their potential to secure partnerships and sales. It will also give support to those businesses to help them boost their international journey.

The ministry also said Gan met with business representatives from Indonesian firms in the financial, energy, and tech sectors.

Singapore’s bilateral merchandise trade with Indonesia reached $59.1b in 2021, increasing 21% year-on-year, making it Lion City’s largest trading partner.

It is also Indonesia’s top source of foreign direct investment (FDI) since 2014, with the total value of investments from Singapore amounting to $12.8b, accounting for 14.9% of Indonesia’s total FDI.