Singapore and Indonesia held the 14th Singapore-Indonesia Six Bilateral Economic Working Groups Ministerial Meeting on June 7, 2024, to discuss and enhance cooperation in various economic sectors. The meeting, co-chaired by Singapore’s Deputy Prime Minister Gan Kim Yong and Indonesia’s Coordinating Minister for Economic Affairs Airlangga Hartarto, focused on expanding investments and sustainable growth.
The 14th Singapore-Indonesia Six Bilateral Economic Working Groups Ministerial Meeting (6WG MM) was held in Singapore on June 7, 2024. The meeting was co-chaired by Singapore’s Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, and Indonesia’s Coordinating Minister for Economic Affairs, Airlangga Hartarto.
The 6WG is a pivotal economic platform for advancing cooperation between Singapore and Indonesia across six key areas: the Batam, Bintan, and Karimun (BBK) region and other Special Economic Zones; Investments; Manpower; Transport; Agri-business; and Tourism. This year’s meeting was held alongside the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum and Ministerial Meeting, and shortly after the Singapore-Indonesia Leaders’ Retreat on April 29, 2024.
During the meeting, both ministers reaffirmed their commitment to strengthen economic ties. They discussed expanding investment opportunities in healthcare, infrastructure, and the green economy, as well as efforts to attract quality investments in BBK, enhance air and sea connectivity, and promote youth exchange initiatives like the Techand Youth Mobility Programmes. Additionally, they highlighted progress in cross-border electricity trading and carbon capture and storage collaborations, which support sustainable economic growth.
Deputy Prime Minister Gan welcomed Indonesia’s interest in joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and offered Singapore’s support in the process.
Singapore and Indonesia continue to share strong trade and investment ties. In 2023, bilateral trade amounted to S$69 billion, with Singapore being Indonesia’s top source of Foreign Direct Investments (FDI) since 2014, with FDI flow into Indonesia exceeding S$20 billion in 2023. Singapore’s businesses have shown growing interest in Indonesia, evidenced by the 400 participants at the Indonesia-Singapore Business Forum held on March 27, 2024. The Asia Infrastructure Forum on June 4-5, 2024, and the IPEF Clean Economy Investor Forum on June 6, 2024, showcased a wide range of investment opportunities in Indonesia, including renewable energy, urban infrastructure, water supply, and waste management.
Source – MTI
