Bilateral economic ties between Singapore and Indonesia continue to strengthen, with trade and investments on the rise.
Bilateral merchandise trade between Singapore and Indonesia surged by 21% in 2021, reaching S$59.1 billion, according to the Ministry of Trade and Industry (MTI). This positive growth in trade was highlighted after Minister for Trade and Industry, Gan Kim Yong, wrapped up his visit to Jakarta, where he reaffirmed the strong economic partnership between the two nations.
Minister Gan stated that Singapore and Indonesia share “excellent bilateral economic relations,” with Indonesia being a crucial market for Singapore businesses looking to expand abroad. He emphasized the commitment to deepening these ties and supporting businesses in exploring new opportunities in Indonesia.
Indonesia remains Singapore’s sixth-largest trading partner and has consistently been the top destination for Singapore’s Foreign Direct Investment (FDI) since 2014. In 2021, Singapore-originating investments in Indonesia reached S$12.8 billion, accounting for nearly 15% of Indonesia’s total FDI.
During his trip, Gan met with key Indonesian officials, including Minister of Investment Bahlil Lahadalia, Minister of Energy and Mineral Resources Arifin Tasrif, and Bambang Susantono, Head of the Nusantara National Capital Authority. They discussed expanding cooperation in areas such as energy, infrastructure development, and the digital economy.
Gan also participated in the Singapore Business Federation’s GlobalConnect@SBF event, engaging with local business representatives in Jakarta. He visited Bumi Serpong Damai City in South Tangerang to explore a new Transit-Oriented Development project, which will improve connectivity between Tangerang and Jakarta.
