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Singapore seeks more business cooperation with Indonesia on 50th anniversary of diplomatic ties: minister

Xinhua, January 17, 2017 Adjust font size:

Singapore looks forward to promoting business partnerships and collaborations with Indonesia as 2017 marks the 50th anniversary of diplomatic relations between the two countries, said Singapore's Minister for Trade and Industry (Trade) Lim Hng Kiang on Tuesday.

Speaking at the "Indonesia- Singapore Business Partnerships 50 years and Beyond", Lim highlighted that bilateral ties have "grown from strength to strength", with robust economic ties being a trademark of the relationship.

In terms of bilateral trade, Singapore was Indonesia's third largest trading partner and Indonesia was Singapore's fourth largest trading partner in 2015.

Lim also noted that Singapore is Indonesia's largest foreign investor, with Singaporean companies investing almost 7.1 billion U.S. dollars in Indonesia for the first nine months of 2016, double that of the same period in 2015.

The minister encouraged Singapore's companies to actively look out for economic opportunities in Indonesia, including those beyond Jakarta.

He added that the Kendal Industrial Park near Semarang exemplified how commercial collaboration between companies from both countries can help promote industrial growth and attract greater infrastructure development to the Central Java region.

"Indonesia's focus on developing new infrastructure and improving existing ones creates opportunities for Singapore companies with relevant expertise in the utilities, communications, energy and transportation sectors," said Lim.

Lim added that "As Indonesia's middle class grows, Singapore companies can find opportunities in service sectors such as tourism, healthcare and education."

Abdurrahman Mohammad Fachir, Indonesia's Vice Minister for Foreign Affairs, who spoke at the same event, praised the enduring and growing partnership between the neighbors and urged both countries not to forget that "regional stability" is a very important asset, according to local media reports.

More than 250 businessmen and officials participated in the business seminar organized by the Singapore Manufacturing Federation and the Indonesian embassy in Singapore. Endit