Indonesia, Singapore Ink US$10 Billion Agreement at the Annual Meetings 2018

Nusa Dua, Bali - President Joko Widodo held a bilateral talk with Singapore Prime Minister Lee Hsien Loong at the Laguna Hotel, Nusa Dua, Bali, on Thursday, 11 October 2018. The top leaders were discussing economic strengthening ties between the two countries.

President Jokowi was accompanied with Coordinating Minister for Economy Affairs Darmin Nasution, Coordinating Minister for Politic, Legal and Security Affairs Wiranto, Coordinating Minister for Human Development and Culture Affairs Puan Maharani and Coordinating Minister for Maritime Affairs Luhut Pandjaitan. Minister for Foreign Affairs Retno Marsudi, Trade Minister Enggar Tiastolukito, State Secretary Pratikno, Cabinet Secretary Pramono Anung and Education Minister Muhadjir Effendy were also present during the meeting.

Upon delivering press statements, President Jokowi thanked the Singaporean government over its support, condolence and sympathy after earthquakes and tsunami that shake Palu and Lombok. The President also expressed his gratitude over the neighboring country’s support for Indonesia to have been chosen as one of the non-permanent members of the United Nations 2019-2020.

“I welcome good cooperation between Bank Indonesia and the Monetary Authority of Singapore amounting US$10 billion. In addition, we see signings of three MoUs, two of which; promotion and capital investment protection or P4M and memorandum of understanding on financial technology, are efforts to boost cooperations in economy and finance,” President Jokowi said.

The President said that the promotion and capital investment agreement was the first signed treaty by Indonesia after the government had revised investment agreement in 2014. It is expected to add trusts from Singaporean investors and become investment agreement model in the future.

“In the meeting, I and PM Lee also agree on supporting digital economy. Digital economy long side in Batam that is launched early 2018 has been developing. There are 56 technology companies. The cooperation will make Batam a digital bridge. Digital and e-commerce trainings will be intensively conducted to develop financial technology and industry 4.0,” President Jokowi said.

On the other hand, Prime Minister Lee said today was his third meeting with President Jokowi in the ASEAN leaders meeting and Annual Meetings of the IMF-World Bank Group.

Prime Minister Lee added he was discussing with President Jokowi on global economy, world financial market, including on ways to reinforce economic foundations of the two countries and other ASEAN nations.

“Singapore continues to be Indonesia’s largest investor and we are among each other’s top trading partners. There’s good momentum for going forward based on the mutual trusts that we have and last year we commemorated the 50th year of our diplomatic relations,” he said.

Prime Minister Lee added he and President Jokowi were talking on specific matters, like investment and digital economy.

“Singapore is very happy with this because it will encourage greater flows of investment into Indonesia. We also concluded the MoU on industry 4.0 which recreate opportunities to learn from each other in response to the fourth industrial revolution,” he said.

“Kendal industry park which the President has touched on has continued progressing with 43 committed companies and half a billion dollars in investment which will create more than 5,000 jobs and there will be a new polytechnic built at the Kendal industry park to welcome its first batch of student this month,” Prime Minister Lee added. (3x3)

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