Government Convinces Singaporean Entrepreneurs To Invest In Indonesia

JAKARTA - The Indonesia-Singapore Business Forum (ISBF) is a discussion forum between the highest executives of Singaporean companies and high-ranking Indonesian ministers and officials with the aim of providing clarity and views on the future policy direction of Indonesia's business landscape and investment.

Coordinating Minister for Economic Affairs Airlangga Hartarto said the business forum was intended to strengthen market confidence as well as provide updates to Singaporean governments, businessmen, and investors regarding the direction of Indonesian policy after the 2024 General Election.

Indonesia and Singapore have excellent economic partnership relationships with a long history of relations in almost all sectors, namely economy, security, culture, education, tourism, and most importantly, inter-human connectivity and business connectivity," said Airlangga in his statement, Thursday, March 28, 2024.

Airlangga explained, after successfully achieving economic recovery from the pandemic, Indonesia is now moving forward to become a developed country with an economy that grows by an average of 6-7 percent per year with an average investment growth target of 6.8 percent per year for the next 20 years as the goal of the 2045 Indonesian Gold Vision.

Airlangga explained that the determination of the official results of the 2024 Indonesian Election encourages the assurance of the sustainability of the development agenda in line with the 2025-2045 RPJPN.

"The implementation of the 2024 ISBF is the right time to convince Singaporean business people and investors about Indonesia's commitment to accelerate economic development by ensuring the sustainability of structural reforms, increasing productivity, and increasing competitiveness," Airlangga continued.

On this occasion, the Indonesian Ambassador to Singapore Suryo Pratomo expressed his belief that this forum would serve as a catalyst to enhance and deepen bilateral economic cooperation between the two countries in the new leadership era.

"With various advances in bilateral relations with Singapore, which is the largest traditional investor, a big supporter, and an honorable partner of Indonesia, I fully believe that Indonesia will benefit more in the years to come," said Suryo.

Furthermore, on the same occasion, Singapore's Minister of Trade and Industry Gan Kim Yong said that the two countries maintain close cooperation and routine dialogue at all levels, both at the private level between the people of Indonesia and Singapore, at the corporate level between business people, as well as at the government level between leaders and officials.

"The strong performance of Indonesia's economy can be linked to the Government's structural reforms which aim to improve the investment environment and increase investor confidence," added Gan.

For information, the 2024 ISBF was attended by more than 300 invitees at the high/C-level level of various Singaporean government and private stakeholders, including Enterprise Singapore, Temasek, G1C, Singapore Business Federation, Singapore Chinese Chamber of Commerce and Industry and Singapore Manufacturing Federation.