INDONESIAN ECONOMIC COORIDINATOR ENGAGES WITH SINGAPOREAN BUSINESS LEADERS AT THE INDONESIA-SINGAPORE BUSINESS FORUM, HIGHLIGHTING INVESTMENT OPPORTUNITIES IN LABOR-INTENSIVE SECTORS.
During the Indonesia-Singapore Business Forum (ISBF) 2024 held in Singapore on 27 March 2024, Minister of Economic Affairs Coordination Airlangga Hartarto engaged in discussions and advised Singaporean businessmen to invest in labor-intensive industries. Minister Airlangga emphasised the significant role of foreign investment in Indonesia’s future economic growth, stating that over the past decade, investment has been a key driver of Indonesia’s economic expansion.
Responding to inquiries regarding investment opportunities in Special Economic Zones (SEZs) in the future, Minister Airlangga highlighted the government’s plans to continue promoting the development of SEZs across various regions in Indonesia, including those in Bali, which offer attractive investment opportunities for Singaporean investors. He specifically mentioned opportunities in healthcare in the Sanur area and in education and tourism in the Kura Kura SEZ.
Facing future challenges, Minister Airlangga highlighted the importance of developing labor-intensive industries alongside capital-intensive ones, such as the textile and fashion industries. He emphasized the need to diversify Indonesia’s industrial base to create more job opportunities and foster economic resilience.
Furthermore, Minister Airlangga elaborated on tax system reforms within the new cabinet, suggesting the separation of tax authorities from the Ministry of Finance. He proposed the establishment of a separate tax institution directly under the President’s authority to ensure checks and balances.
Source: Antara News
