Latest news with #15thSingapore-IndonesiaSixBilateralEconomicWorkingGroupsMinisterialMeeting
The Star
13 hours ago
- Business
- The Star
Singapore and Indonesia strengthen economic ties amid global uncertainty
Deputy Prime Minister Gan Kim Yong (right) and Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto at the 15th Singapore-Indonesia Six Bilateral Economic Working Groups Ministerial Meeting. - Photo: MITI SINGAPORE: Singapore and Indonesia have reaffirmed their commitment to strengthen economic ties at a high-level bilateral meeting held in Singapore on Sunday (June 15). The 15th Singapore-Indonesia Six Bilateral Economic Working Groups Ministerial Meeting or 6WG MM was co-chaired by Deputy Prime Minister Gan Kim Yong and Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto. The meeting is a key economic platform between Singapore and Indonesia to advance economic cooperation in six areas. These are namely the Batam, Bintan and Karimun (BBK) region and other special economic zones, investments, manpower, transport, agribusiness and tourism. This latest bilateral meeting comes after the two countries signed three deals on clean energy and sustainable development during a visit by Singapore's Minister-in-charge of Energy and Science and Technology Dr Tan See Leng to Jakarta on June 13. Indonesia President Prabowo Subianto is also set to make his first state visit to Singapore on June 16. These bilateral engagements between Singapore and Indonesia come at a time of uncertainty in global politics. Bilateral trade between Singapore and Indonesia has grown steadily over the last few years, with both countries being among each other's largest trading partners. In 2024, bilateral trade reached US$57.6 billion. Singapore has been Indonesia's top source of foreign direct investments (FDI) every year since 2014, with FDI flow into Indonesia exceeding US$20.1 billion in 2024. On June 15, Gan, who is also Minister for Trade and Industry, and Airlangga also witnessed the signing of two commercial agreements at the 6WGMM. One agreement is an affirmation letter between Singapore's Sembcorp Development and Indonesia's PT Batamraya Sukses Perkasa on their commitment to collaborate on low carbon industrial parks in the BBK region. The two companies are jointly developing the 100ha Tembesi Innovation District, which aims to attract sustainability-focused tenants, and will generate 20,000 jobs when it is fully developed. The other agreement is a memorandum of understanding between the Singapore Semiconductor Industry Association and the Indonesia Chamber of Commerce and Industry. The two associations will join forces to expand market access between semiconductor and electronics companies in Singapore and Indonesia. Singapore's Ministry of Trade and Industry said in a press release that both leaders underscored the importance of improving both country's business and regulatory environment to attract investments, and helping people and businesses collaborate and seize emerging opportunities in both countries. To that end, the leaders welcomed growing investor interest in the BBK region, and recognised the good progress in human capital development. In the agribusiness sector, the ministers discussed initiatives to advance agri-tech collaborations and create new trading opportunities for Indonesian importers and Singaporean exporters, which will benefit both countries' food industries. The leaders also welcomed improvements in air connectivity and reaffirmed the commitment to deepen business connectivity between Singapore and Indonesia,which will boost trade, investments and people to people flows. - The Straits Times/ANN
Straits Times
14 hours ago
- Business
- Straits Times
Singapore and Indonesia strengthen economic ties amid global uncertainty
Deputy Prime Minister Gan Kim Yong (right) and Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto at the 15th Singapore-Indonesia Six Bilateral Economic Working Groups Ministerial Meeting. PHOTO: MTI SINGAPORE - Singapore and Indonesia have reaffirmed their commitment to strengthen economic ties at a high-level bilateral meeting held in Singapore on June 15. The 15th Singapore-Indonesia Six Bilateral Economic Working Groups Ministerial Meeting or 6WG MM was co-chaired by Deputy Prime Minister Gan Kim Yong and Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto. The meeting is a key economic platform between Singapore and Indonesia to advance economic cooperation in six areas. These are namely the Batam, Bintan and Karimun (BBK) region and other special economic zones, investments, manpower, transport, agribusiness and tourism. This latest bilateral meeting comes after the two countries signed three deals on clean energy and sustainable development during a visit by Singapore's Minister-in-charge of Energy and Science and Technology Dr Tan See Leng to Jakarta on June 13. Indonesia President Prabowo Subianto is also set to make his first state visit to Singapore on June 16. These bilateral engagements between Singapore and Indonesia come at a time of uncertainty in global politics. Bilateral trade between Singapore and Indonesia has grown steadily over the last few years, with both countries being among each other's largest trading partners. In 2024, bilateral trade reached US$57.6 billion. Singapore has been Indonesia's top source of foreign direct investments (FDI) every year since 2014, with FDI flow into Indonesia exceeding US$20.1 billion in 2024. On June 15, Mr Gan, who is also Minister for Trade and Industry, and Mr Airlangga also witnessed the signing of two commercial agreements at the 6WGMM. One agreement is an affirmation letter between Singapore's Sembcorp Development and Indonesia's PT Batamraya Sukses Perkasa on their commitment to collaborate on low carbon industrial parks in the BBK region. The two companies are jointly developing the 100ha Tembesi Innovation District, which aims to attract sustainability-focused tenants, and will generate 20,000 jobs when it is fully developed. The other agreement is a memorandum of understanding between the Singapore Semiconductor Industry Association and the Indonesia Chamber of Commerce and Industry. The two associations will join forces to expand market access between semiconductor and electronics companies in Singapore and Indonesia. Singapore's Ministry of Trade and Industry said in a press release that both leaders underscored the importance of improving both country's business and regulatory environment to attract investments, and helping people and businesses collaborate and seize emerging opportunities in both countries. To that end, the leaders welcomed growing investor interest in the BBK region, and recognised the good progress in human capital development. In the agribusiness sector, the ministers discussed initiatives to advance agri-tech collaborations and create new trading opportunities for Indonesian importers and Singaporean exporters, which will benefit both countries' food industries. The leaders also welcomed improvements in air connectivity and reaffirmed the commitment to deepen business connectivity between Singapore and Indonesia,which will boost trade, investments and people to people flows. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
16 hours ago
- Business
- Business Times
Singapore, Indonesia reaffirm economic ties in ministerial meeting; two commercial arrangements inked
[SINGAPORE] Singapore and Indonesia reaffirmed their commitment to strengthen bilateral economic ties at the 15th Singapore-Indonesia Six Bilateral Economic Working Groups Ministerial Meeting (6WG) on Sunday (Jun 15). Singapore's Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong and Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto co-chaired the meeting. The 6WG is an economic platform between Singapore and Indonesia to advance economic cooperation in the Batam, Bintan and Karimun (BBK) region and other special economic zones, investments, manpower, transport, agribusiness and tourism. Bilateral trade between Singapore and Indonesia has grown over the past few years, reaching US$57.6 billion in 2024. Indonesia ranks among Singapore's largest trading partners, and Singapore has been the top source of Indonesia's foreign direct investment since 2014, with more than US$20.1 billion in 2024. The two ministers discussed deepening collaboration between businesses and investment opportunities in both countries including industrial infrastructure, healthcare and the green economy. Growing investor interest in the BBK region was welcomed, along with the progress in human capital development. Initiatives to advance agritech collaborations and new trading opportunities for Indonesia and Singapore businesses were also reviewed. Both ministers reaffirmed the commitment to deepen business connectivity between the two countries. Two commercial arrangements were also inked during the 6WG meeting. The first was between Sembcorp Industries and Batamraya Sukses Perkasa, a subsidiary of property developer Panbil Group. The two companies signed an affirmation letter on their commitment to collaborate on low-carbon industrial parks in the BBK region. Sembcorp and Panbil are jointly developing the 100 hectare Tembesi Innovation District, which aims to attract sustainability-focused and high-value tenants, and will generate 20,000 jobs when it is fully developed. A memorandum of understanding was inked between the Singapore Semiconductor Industry Association and the Indonesia Chamber of Commerce and Industry. The two associations will partner to expand market access via enhanced collaboration between semiconductor and electronics companies in Singapore and Indonesia. Business facilitation, information exchange, joint events and industry round tables will be conducted to drive collaboration between companies in both countries.
