Airlangga Asks Singapore To Increase Investment To Reach 40 Billion US Dollars In Indonesia

JAKARTA - Coordinating Minister for Economic Affairs Airlangga Hartarto asked Singapore to increase its investment to US$30 billion to US$40 billion.

This was revealed by Airlangga to the Deputy Prime Minister (DPM) and Minister for Trade and Industry of Singapore Gan Kim Yong in a bilateral meeting that took place in Singapore.

Airlangga said that in the investment sector, Singapore is the main partner in supporting the development of industrial estates and infrastructure in Indonesia.

"As part of a strategic partnership, Singapore is expected to increase its investment to 30-40 billion US dollars," he said in his statement, Monday, June 16.

Airlangga added that the strengthening of cooperation between the two countries includes various strategic sectors, including strengthening the regional economy, economic cooperation of the Six Working Group (6WG), and participation of Indonesia and Singapore in global cooperation.

"Supporting the ASEAN 2045 vision, ASEAN needs to take strategic steps including harmonization of trade standards, financial integration, and increasing regional connectivity," he said.

Airlangga and Gan emphasized Indonesia and Singapore's commitment to support strengthening ASEAN centrality as an organization that has a bargaining value and is able to take a role in the midst of world economic uncertainty.

In addition, he conveyed that strengthening ASEAN cooperation was also needed so that the ASEAN 2045 Economic Vision could be achieved.

Furthermore, Airlangga said that Indonesia and Singapore are committed to strengthening the Six Bilateral Working Group (6WG), especially in the agricultural, energy and investment sectors.

According to him, taking into account the strategic role of food security in supporting economic growth, the collaboration of the two countries in utilizing Singapore's technological resources and production factors owned by Indonesia is very important to continue to be encouraged.

"The cooperation between food technology and Young Farmer's program can be an instrument for strengthening food security in Indonesia and Singapore," said Airlangga.

On this occasion, Airlangga and Gan agreed that the development of clean energy needs to be directed to cross-border electric interconnection projects, construction of submarine cables, and renewable energy infrastructure.

Furthermore, Gan expressed his full support for Indonesia to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Organization of Economic Co-operation and Development (OECD). Indonesia is considered to have strong modality to contribute to the global economy.

Responding to this, Airlangga conveyed Indonesia's commitment to strengthening a fair and transparent multilateral trading system, in order to support a conducive global trade climate.

Indonesia and Singapore have long been strategic economic partners. In a global situation full of pressure, solid cooperation is the key to maintaining growth and stability," he said.

Meanwhile, this meeting also discussed new economic initiatives such as cooperation in clean energy financing, data center development, and digital-based logistics integration to support trade efficiency between the two countries.