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SINGAPORE: Bilateral merchandise commerce between Singapore and Indonesia reached S$59.1 billion in 2021 – a 21 per cent improve from the earlier yr, stated the Ministry of Commerce and Trade (MTI) on Wednesday (Jun 1).
MTI launched the figures a day after Minister for Commerce and Trade Gan Kim Yong concluded his go to to Jakarta, throughout which he reaffirmed robust bilateral financial relations and alternatives for nearer cooperation with Indonesia.
“Singapore and Indonesia share wonderful bilateral financial relations. Indonesia is a key marketplace for Singapore companies trying to enterprise abroad,” stated Mr Gan, who was in Jakarta from Might 29 to Might 31.
“We’ll proceed to work carefully with the Indonesian authorities to deepen our bilateral financial ties and assist our companies discover new alternatives in Indonesia.”
In line with MTI, Indonesia is Singapore’s sixth largest buying and selling accomplice. Singapore has additionally constantly been Indonesia’s high supply of International Direct Funding (FDI) since 2014.
In 2021, the overall worth of Singapore-originating investments in Indonesia amounted to S$12.8 billion, accounting for 14.9 per cent of Indonesia’s whole FDI.
DEEPENING BILATERAL COOPERATION
Throughout his journey, Mr Gan met Indonesia’s Minister of Funding Bahlil Lahadalia, Minister of Vitality and Mineral Sources Arifin Tasrif, and the Head of the Nusantara Nationwide Capital Authority Bambang Susantono.
On the conferences, each side expressed curiosity in deepening bilateral cooperation within the areas of power, infrastructure improvement, and the digital financial system.
Mr Gan additionally attended the Singapore Enterprise Federation’s (SBF) GlobalConnect@SBF enterprise occasion held at Singapore Enterprise Centre @ Jakarta on Might 31, assembly with a number of Singapore enterprise representatives primarily based in Jakarta.
Throughout his journey, Mr Gan additionally met enterprise representatives from Indonesian firms within the monetary, power and tech sectors.
He visited Bumi Serpong Damai Metropolis in South Tangerang, the place he visited a Transit-Oriented Growth facility that will function an necessary connection node between Tangerang and Jakarta, stated MTI.
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