Singapore, Indonesia move to boost trade ties

Singapore is looking to enhance cooperation with Indonesia through investments beyond traditional destinations, increasing tourist traffic and by setting up a business council involving both countries.

A joint statement from Indonesian President Joko Widodo and from Singapore’s Prime Minister Lee Hsien Loong provided details of plans to strengthen economic cooperation. Last year, Singapore invested US$5.9 billion in Indonesia, making it Indonesia’s biggest source of foreign investment.

Investments have grown this year with Singapore investing over US$7 billion in Indonesia within the first nine months. Noting the private sector’s involvement in economic projects between the two countries, both countries have agreed to accelerate cooperation via an Indonesia-Singapore business council for businesses to meet regularly.