Indonesia’s Investment Minister Aims to Boost Singapore’s Investment Beyond USD63.17 Billion
In a bid to strengthen economic ties, Indonesia’s Investment Minister seeks to elevate Singapore’s investment in Indonesia, surpassing the current benchmark of USD63.17 billion.
Singapore, August 27th, 2024 – In a strategic effort to deepen bilateral economic relations, Indonesia’s Minister of Investment and Chairman of the Investment Coordinating Board (BKPM), Rosan Roeslani, has set a goal to significantly increase Singapore’s investment in Indonesia. This aspiration was shared during a pivotal meeting in Singapore, where Rosan highlighted the substantial investment contributions from Singapore, which have reached USD63.17 billion from 2019 to June 2024, representing 29.8% of Indonesia’s total Foreign Direct Investment (FDI).
Rosan underscored the importance of further collaboration between the two nations, particularly in key sectors such as downstream natural resources, clean energy, health services, and human capital development. “Our government’s future priorities include advancing these sectors,” Rosan stated, emphasizing the need for sustained and strategic investment. His remarks align with the upcoming government’s objectives under President-elect Prabowo, which aim to build on the economic momentum established during President Jokowi’s administration.
During his visit, Rosan Roeslani is also scheduled to meet with the Prime Minister of Singapore to discuss strategies for enhancing investment ties, with a focus on natural resources, clean energy, and workforce development. These discussions are expected to pave the way for strategic projects that will further solidify the economic partnership between Indonesia and Singapore.
In response, Tan See Leng, Singapore’s Minister of Manpower and Second Minister of Trade and Industry, expressed strong support for the Indonesian minister’s visit. Tan highlighted the mutual interest in expanding collaboration, particularly in the utilization of LNG plants, maritime investments, and addressing challenges related to Carbon Capture Storage and the growing Carbon Market in Indonesia. Furthermore, Tan reiterated Singapore’s commitment to enhancing nutrition for the Indonesian population, signaling a shared focus on improving health services.
Rosan also engaged with key Singaporean business leaders, including executives from SP Group, SingTel, and Sembcorp, discussing potential investments in sectors such as cross-border electricity, telecommunications infrastructure, and solar power projects in Indonesia’s new capital, Kendal industrial zone, and Batam’s telecom infrastructure. Discussions with ST Telemedia Global Data Center (STT GDC) centered on boosting data center investments, reflecting Indonesia’s growing importance as a digital hub.
This three-day diplomatic visit, from August 26 to 28, is expected to further deepen economic ties and lay the groundwork for future investments that will benefit both nations.
