To strengthen economic ties between Singapore and Indonesia, a new Indonesia-Singapore Business Council (ISBC) has been set up.
In this connection, a Memorandum of Understanding (MoU) was signed between the Singapore Economic Development Board (EDB) and Indonesia's Investment Coordinating Board (BKPM) in Jakarta today.
Lim Hng Kiang, Trade and Industry (Trade) Minister of Singapore and Darmin Nasution, Indonesia’s Coordinating Minister for Economic Affairs witnessed the signing of the agreement.
Ministry of Trade and Industry (MTI) of Singapore said in a press release, “The ISBC will provide an overall framework to identify potential areas of cooperation between the business communities of Indonesia and Singapore. It will also foster closer interaction and strengthen the networks between the private sectors of both countries.”
The Council will be led by the BKPM and EDB, and supported by Indonesia's Chambers of Commerce and Industry (KADIN) and the Singapore Business Federation (SBF).
The idea of the business council was mooted during the Singapore-Indonesia Leader's Retreat in Semarang, Central Java last year.
Talking to media persons, Lim said, “It will cover a whole range of sectors, but for the beginning they want to focus on infrastructure, e-commerce, urban solutions. So, these are some of the sectors which has drawn a lot of interest from the business communities.”
Lim was in Jakarta from 27 to 28 July 27 to 28. He had successful meetings with his counterparts and attended business events such as the official opening of BLOCK71 Jakarta and a business networking session that reinforced the strong economic relations between Singapore and Indonesia. BLOCK71 Jakarta and a business networking session that reinforced the strong economic relations between Singapore and Indonesia.
Lim met with Indonesian Coordinating Minister for Maritime Affairs, Luhut Pandjaitan, Coordinating Minister for Economic Affairs, Darmin Nasution, Minister for Trade, Enggartiasto Lukita, and Chairman of Indonesia’s Investment Coordinating Board (BKPM), Thomas Lembong.