Indonesian president Prabowo Subianto to make two-day state visit to Singapore
SINGAPORE: Indonesian president Prabowo Subianto will make a two-day state visit to Singapore from Sunday (Jun 15) to Monday. It will be his first since taking office in October last year.
On Monday, Mr Prabowo will receive a ceremonial welcome at Parliament House and call on President Tharman Shanmugaratnam, who will also host a state banquet for his Indonesian counterpart, Singapore's Ministry of Foreign Affairs (MFA) said on Sunday.
Mr Prabowo will also meet Prime Minister and Minister for Finance Lawrence Wong for the 8th Singapore-Indonesia Leaders' Retreat. It will be both leaders' first such retreat in their current capacities, said MFA.
'As the highest-level platform between the two countries, the annual Leaders' Retreat is testament to the excellent bilateral relations and strong interpersonal ties between our leaders,' MFA said in a press statement.
Mr Wong and Mr Prabowo will 'review the strong and substantive cooperation between Singapore and Indonesia and chart the way forward', said the ministry.
LONGSTANDING RELATIONSHIP
Singapore and Indonesia share a longstanding friendship and collaborate closely in areas such as defence, the green economy and connectivity, said MFA.
Expanded Framework Agreements (EFA) on key areas of air space management, defence and extradition entered into force on March last year.
Singapore has been Indonesia's top source of foreign investment since 2014. Last year, investment from Singapore into Indonesia amounted to US$20.1 billion.
Some flagship economic projects between both sides include the Batam-Bintan-Karimun Free Trade Zone, Kendal Industrial Park and Nongsa Digital Park.
Meanwhile, Indonesia has consistently been among the top source of visitors to Singapore, with 2.49 million arrivals in 2024.
Both sides on Jun 13 signed three memoranda of understanding (MOUs) on cross-border electricity trade, carbon capture and storage, and a sustainable industrial zone.
Singapore's defence ministry and the Singapore Armed Forces (SAF) also maintain a strong relationship with the Indonesian defence ministry and the Indonesian National Armed Forces (TNI).
This cooperation extends to regional counterterrorism, maritime security and the conduct of bilateral and multilateral training, exercises and operations.
There have also been opportunities for exchanges between Singaporeans and Indonesians under the Human Capital Partnership Arrangement signed at the 2022 Leaders' Retreat, including for youths and government officials.
Last year's Singapore-Indonesia Leaders' Retreat was hosted by Indonesia in Bogor.
On this visit, Mr Prabowo will be accompanied by Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto, Minister of State Secretary Prasetyo Hadi, Minister of Foreign Affairs Sugiono, Minister of Defence Sjafrie Sjamsoeddin, Minister of Energy and Mineral Resources Bahlil Lahadalia, Minister of Agriculture Andi Amran Sulaiman, Minister of Investment and Downstream Industry Rosan Roeslani, and Cabinet Secretary Teddy Indra Wijaya.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
40 minutes ago
- Business Times
MilikiRumah eyes US$50 million fund to expand rent-to-own Indon programme
[JAKARTA] Proptech startup MilikiRumah is aiming to raise a US$50 million private equity fund to scale its rent-to-own housing programme in the country, targeting segments of the population typically excluded from conventional mortgage financing. With early backing from regulated asset managers – including Ruifeng Wealth Management, Tembusu Partners and Trigger Asset Management – the company kicked off its fundraising efforts with a planned first close of US$10 million in the third quarter of this year. MilikiRumah aims to raise the remaining capital in successive US$10 million tranches over the next two years, enabling it to gradually scale housing development under its rent-to-own model. Co-founder and chief executive Winston Lee told The Business Times that the funds will be used to develop build-to-order landed homes in collaboration with local real estate developers. The company aims to bridge the financing gap for consumers often excluded from traditional mortgage systems, such as freelancers, influencers, and gig workers. They typically lack stable incomes or have high debt-to-income ratios, making them less appealing to banks. 'We see ourselves as credit doctors. We segment our customers and provide tailored support; many are middle-class Indonesians, families working hard to buy their first home,' noted Lee. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up MilikiRumah is owned and operated by Rightkey Capital, a Singapore-registered company. The venture was founded by former PropertyGuru executive Lee, together with co-founder Marine Novita, who also previously held a role at the property platform. The company currently has a pipeline of 500 hectares of land spread across seven to 10 parcels – mostly in Greater Jakarta – that can accommodate up to 45,000 homes. However, fully developing the sites would require between US$100 million and US$150 million in funding. 'With just the initial US$10 million, we can already build around 2,700 landed homes,' Lee pointed out. 'The speed at which we hit our 45,000-home target really depends on how quickly we can raise the remaining capital.' MilikiRumah offers a rent-to-own model that allows prospective homebuyers to move into a property while gradually building their financial eligibility. During an initial period of six to 12 months, tenants live in the home and make regular payments, helping them establish a credible payment history. If they meet the required criteria by the end of the term, a partnering bank steps in to provide mortgage financing, enabling the tenant to formally purchase the home. The company has established partnerships with Bank Tabungan Negara (BTN), Indonesia's largest state-owned mortgage lender, and Bank Syariah Indonesia. It is also in the process of finalising collaborations with BTN Syariah and Permata Bank to further expand its financing network. MilikiRumah has entered a joint venture with local developer Badak Perkasa Group to develop a residential complex in Tangerang – an hour's drive from Jakarta. Under its rent-to-own model, tenants pay an average of 4.8 million rupiah (S$378) per month. These payments are divided into rent and savings, with the savings component gradually building equity towards a 10 per cent down payment. This structured approach is designed to help tenants eventually qualify for a mortgage covering the remaining 90 per cent of the home's value. As at the second quarter, the company has launched 95 homes using internal equity. It is aiming for 30 bookings by the end of June, with a target of 60 by July or August. Lee said that the company's research involving 300 underbanked prospective buyers showed that 90 per cent are expected to qualify for a bank loan after building up a 10 per cent home equity deposit through the programme. He added that the fund's dual mission – delivering both financial returns and social impact – has resonated with potential limited partners, especially given its projected annual internal rate of return of 20 per cent. 'What sets us apart from traditional private equity real estate funds is that we're not just building homes, we're building communities.' Founded in September 2024, the company has closed its seed round with S$2 million in funding. It was led by Singapore-based family office Ruifeng Wealth, with participation from angel investors including PropertyGuru co-founder Jani Rautiainen and PropertyGuru Singapore country head Tan Tee Khoon. Lee said that the company is aiming for Series A company funding targeting to close in the first quarter of 2026. A market in need Indonesia is facing a severe housing shortage, with the backlog reaching an estimated 15 million units as at 2025, according to official data. To address this gap, the government is exploring new financing strategies, including the possible issuance of bonds to support low-cost housing initiatives. The challenge is compounded by the fact that around 83 million people, or 58 per cent of the workforce as at August 2024, are employed in the informal sector, making it more difficult for many to access traditional housing finance. Novita indicated that the strongest housing demand falls in the 300 million to 700 million rupiah price range – a market segment that accounts for roughly 70 per cent of national demand but remains underserved by financial institutions. 'There's a nationwide disconnect between where the housing need is and where financing is actually available,' she said. 'It's not just in Jakarta – it extends across Java and beyond.' While MilikiRumah remains focused on the Indonesian market for now, the company is beginning to see growing interest beyond its borders. Novita noted that the rent-to-own model could be relevant in other major South-east Asian cities such as Bangkok and Manila, where challenges around home affordability and mortgage accessibility are similarly pronounced. 'In Bangkok, for example, developers have told us that 60 to 70 per cent of entry-level mortgage applications are rejected,' she added. 'We have had early discussions with several contacts in Thailand who are curious about how our model might work in their context.' MilikiRumah's rent-to-own scheme is not the first of its kind in Indonesia. Previously, state-owned housing finance company Sarana Multigriya Finansial partnered fellow state developer Adhi Commuter Properti to offer residential areas integrated with public transportation hubs. Challenges remain Still, the business is not without challenges. Dian Safitri, a senior property agent, said that rent-to-own schemes could help ease Indonesia's housing shortage. However, one major hurdle is the tax system, which treats rental and sale transactions separately, raising the risk of double taxation. 'This drives up the final price of the unit, making it more expensive for consumers, who ultimately bear the heavier financial burden,' she explained. Nailul Huda, director of economics at the Centre of Economic and Law Studies, said that rising property prices, especially in areas surrounding Jakarta, have made it increasingly difficult for informal workers to afford homes outside government-subsidised schemes. 'With layoffs on the rise and ongoing economic uncertainty, the purchasing power of informal workers to buy homes continues to decline,' he noted.
Straits Times
an hour ago
- Straits Times
Oil extends rally as escalating Israel-Iran conflict stokes supply disruption fears
An oil storage facility in Iran burns after being hit by Israeli airstrikes on June 15, 2025. PHOTO: ARASH KHAMOOSHI/NYTIMES TOKYO - Oil prices climbed in early Asian trade on June 16 after Israel and Iran launched fresh attacks on June 15, heightening fears that escalating battle could trigger a broader regional conflict and widely disrupt oil exports from the Middle East. Brent crude futures were up US$1.70, or 2.3 per cent, to US$75.93 a barrel by 6.53am Singapore time, while US West Texas Intermediate crude futures gained US$1.62, or 2.2 per cent, to US$74.60. They had surged more than 5.5 per cent earlier in the morning. Both benchmarks settled 7 per cent higher on Friday (June 13), having surged more than 13 per cent during the day, the most in three years. The latest developments have stoked concerns about disruptions to the Strait of Hormuz, a vital shipping passage. About a fifth of the world's total oil consumption passes through the strait, or some 18 to 19 million barrels per day (bpd) of oil, condensate and fuel. A closure of Hormuz could propel international prices to as high as US$130, JPMorgan Chase & Co. has predicted. A jump in oil would add to inflation pressures around the world. Widely watched market metrics are pointing to panic over prompt supply risks, as well as growing fears of a protracted conflict in the Middle East. The gap between the grade's two nearest December contracts – a key indicator on long-term balances – rose by as much as US$1.29 a barrel to US$3.48. Israel temporarily knocked out a natural gas processing facility linked to the giant South Pars field, Iran's biggest, in an attack on June 14, and targeted fuel storage tanks during strikes as part of its campaign against Tehran's nuclear programme. While the attack was concentrated on the Islamic Republic's domestic energy system rather than exports to international markets, oil traders and analysts are preparing for more turmoil. 'Now that threshold has been crossed, there will be questions about whether Israel is going to target more Iranian energy infrastructure,' said Richard Bronze, head of geopolitics at consultant Energy Aspects. 'We appear to be in an escalatory cycle.' Despite US sanctions, Iran remains the third-biggest producer in the Organization of the Petroleum Exporting Countries (Opes. Its allies in Yemen, the Houthi militants, have harassed ships in the region and Tehran has in the past threatened to halt the Strait of Hormuz, a critical transit point in the Persian Gulf. It has, however, never blockaded the key maritime chokepoint. If oil supplies are disrupted, President Donald Trump will likely call on the Opec+ alliance led by Saudi Arabia to tap its considerable spare production capacity, Helima Croft, head of global commodity strategy at RBC Capital Markets, and a former CIA analyst, said in a note on June 13. But it's unclear whether the Opec could offset a severe and prolonged outage in Iran, which pumps around 3.4 million barrels a day. The attempt alone could put the energy infrastructure of the Saudis and the United Arab Emirates into the cross-hairs. After Riyadh backed Mr Trump's earlier crackdown on Tehran during his first term, its critical oil-processing installation at Abqaiq was blown up by the Houthis in 2019. 'Opec spare capacity could be brought online to offset a reduction in Iranian barrels,' said Clay Seigle, senior fellow at the Center for Strategic and International Studies in Washington DC. 'But it would be politically dicey for Saudi Arabia and UAE to benefit in this way at Tehran's expense.' The fact that major oil facilities have so far been spared in the current tumult may offer markets some reassurance. 'We would probably need to see evidence of an intensifying war – with far more widespread damage and mass civilian casualties – for that expectation to change and the risk premium in crude to spike further,' said Vandana Hari, founder of Singapore-based energy consultancy Vanda Insights. The International Energy Agency, the Paris-based watchdog set up by consuming nations, said that global oil markets are well supplied amid slowing fuel demand and recent production increases by Opec+. The agency said it's prepared to tap emergency stockpiles if necessary. On June 15, President Trump said in a Truth Social post that the two belligerent countries should and will make a peace deal. Mr Trump had said before Israel's attacks that he was dissatisfied with rising oil prices. Fears over the Strait of Hormuz are probably excessive too, Ms Hari added. Such an extreme step would cut off Iran's own export route and alienate its biggest customer, China. 'Iran has never actually blocked the channel despite many threats to do so down the years and I don't expect it will do so now,' she said. BLOOMBERG, REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
CNA
2 hours ago
- CNA
Work It Podcast: Forget retirement - your most meaningful work can start in your 50s
For many professionals, retirement is far from their mind and they want seek work that is fulfilling. Lim Kai Ning, co-founder of The Courage Chapter, shares how they help seniors return to the workforce, and why age can be a big asset. Here is an excerpt from the conversation: Gerald Tan, host: I've seen so many of such examples of people not having work, and struggling to find that identity. They lose something. It's not just the salary. I think they lose themselves. Tiffany Ang, host: With the people that you work with, Kai Ning, what is the top reason that they say motivates them to keep working? Lim Kai Ning, co-founder of The Courage Chapter: So it depends on where they are in their stage of life. People in their early 50s would have a different requirement from people in their mid-60s or late 60s. Due to the nature of what we put out to the market, the people that we attract are people who are looking to contribute in their second chapter. But they are really here to say: "I have so much experience. I don't want to sit at home and do nothing ... Since I have the knowledge in my brain, don't let it go to waste." Gerald: Many of the seniors, as Kai Ning mentioned, want that next chapter of their lives to fulfil what they didn't get to fulfil. It's a question of legacy. Did I leave behind something for the next generation? It's also a question of purpose. Did I fulfil what I needed to do as a person? I spent my whole life listening to somebody in the workplace, fulfilling a job responsibility, but what is the thing that I need to do (now)? I think a lot of these questions are coming up ... Tiffany: I'm thinking that some of these seniors who are coming to you, probably left their last job either in upper management, even in a C-suite level. So with the jobs that you are trying to match them to, are they overqualified for these roles? Kai Ning: That's a very interesting point. I would say that (in) Singapore and the rest of the world, the market is still very new to this concept. Right now, I think the people are moving towards this space where they say they will still want to contribute, but the market hasn't fully warmed up. So if you were to leave it to free market forces, you will realise that it actually spirals to blue-collar or food and beverage (or) admin (jobs). And that's the struggle. There's this huge chasm between what people want to do and what organisations think they can do. So then, how do we bridge the gap? ... We call it skill-based, project-based arrangements. In the past, (senior professionals) will be considered overqualified because they have this huge 20, 30 years of experience, while the role is just small.
