JAKARTA, presidentpost.com – Singapore entrepreneurs gathered at the Office of the Investment Coordinating Board (BKPM) on Thursday (4/5) to discuss the business to government scheme, as a follow-up of Indonesian-Singapore Business Council (ISBC) meeting in Singapore on September 7, 2017.
The discussion was attended by Head of BKPM Thomas Trikasih Lembong, KADIN Chairman Rosan P Roeslani, EDB Chairman Beh Swan Gin, SBF Chairman Theo Siong Seng and Singapore Ambassador to Indonesia Anil Kumar Nayar.
According to Lembong, three sectors have been chosen to optimize the cooperation between the two countries, namely capital market, digital economy, and tourism and its supporting infrastructure.
“Indonesia can take advantage from Singapore, already known as a financial hub in Asia, to get financing in the development projects for tourism and digital economy,” he said.
ISBC is a forum for Indonesian and Singaporean businesses to meet and cooperate, supported by BKPM and Singapore Economic Development Board (EDB) as counselors.
ISBC members are top 10 business entities from Indonesia and 10 from Singapore. The Indonesian members are KADIN, Sintesa Group, PT Bank Mandiri, PT Jababeka, PT Lippo Karawaci, PT BCA, Rajawali Corp., PT Garuda Indonesia, PT Air Asia Indonesia and Traveloka.
The Singaporean members include EDB, SBF, Singapore Manufacturing Federation, Singapore Infocomm, Technology Association, Singapore Precision Engineering and Technology Association, Hotel Properties Limited, and Kappel Corporation Limited.
The ISBC is expected to bring in more investments from Singapore to Indonesia. In 2017, the realization of investment from Singapore in Indonesia was US$8.4 billion or 26.2% of the total investment, making Singapore as the number one investor country in Indonesia.
The Singapore investors have invested heavily in the transportation, warehousing, telecommunications, agriculture and plantation as well as paper industry. The location of investment is still dominated by Java (51%), while the rest of 49% is outside Java.
In the second position is Japan with investment of US$5 billion, followed by China US$3.4 billion, Hong Kong US$2.1 billion and South Korea US$2 billion. In the fourth quarter of 2017, the investment realization from Singapore reached US$2.3 billion or 27.8%, Japan US$1 billion or 11.9%, Hong Kong US$800 million or 9%, South Korea US$700 million and China US$600 million. (DTK/TPP)