Deputy Prime Minister Gan Kim Yong and Indonesia’s Coordinating Minister Airlangga Hartarto co-chair the 14th Singapore-Indonesia Six Bilateral Economic Working Groups Ministerial Meeting to enhance economic collaboration.
Singapore and Indonesia held the 14th Singapore-Indonesia Six Bilateral Economic Working Groups Ministerial Meeting on 7th June 2024, in Singapore. The meeting, co-chaired by Deputy Prime Minister (DPM) Gan Kim Yong and Indonesia’s Coordinating Minister for Economic Affairs Airlangga Hartarto, marked a significant step in advancing economic cooperation between the two countries. The 6WG serves as a crucial platform for bilateral discussions focusing on six key areas, namely:
- Batam, Bintan and Karimun (BBK) region and other Special Economic Zones
- Investments
- Manpower
- Transport
- Agri-business
- Tourism.
During the meeting, both ministers reaffirmed their commitment to strengthening economic ties between Singapore and Indonesia. They discussed various strategies to expand investment opportunities, especially in sectors such as healthcare, infrastructure, and the green economy. Initiatives to enhance air and sea connectivity as well as efforts to draw in quality investments to the Batam, Bintan, and Karimun (BBK) region were also discussed. In addition, youth exchange programs like Tech and the Youth Mobility Programmes were highlighted as ways for fostering intercultural understanding and collaboration.
The ministers acknowledged the progress made in the two countries’ continuous collaboration, particularly in areas such as cross-border electricity trading and carbon capture and storage. These initiatives are aligned with both nations’ objectives of achieving sustainable economic growth and environmental sustainability. DPM Gan Kim Yong expressed Singapore’s support for Indonesia’s interest in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), emphasising Singapore’s willingness to assist Indonesia throughout the process.
Singapore and Indonesia enjoy strong trade and investment relations, with bilateral trade worth S$69 billion in 2023. Singapore remains as one of Indonesia’s largest sources of Foreign Direct Investments (FDI), reflecting the strong economic ties between the two countries. The steady growth of Singaporean businesses’ interest in Indonesia emphasises the mutual benefits derived from bilateral cooperation and highlights the potential for future collaboration.
