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Indonesia - Singapore Bilateral Investment Treaty takes effect

Indonesia and Singapore on March 9 exchanged instruments of ratification to put into force their Bilateral Investment Treaty (BIT), which establishes rules on the treatment of investors and investments from both countries.
Indonesia - Singapore Bilateral Investment Treaty takes effect ảnh 1: Indonesia’s Minister for Foreign Affairs Retno Marsudi and Minister for Trade and Industry Chan Chun Sing jointly announce the entry into force of the Singapore-Indonesia Bilateral Investment Treaty at a virtual meeting (Photo: Singaporean Ministry of Industry and Trade)

Jakarta (VNA) – Indonesia and Singapore on March 9exchanged instruments of ratification to put into force their BilateralInvestment Treaty (BIT), which establishes rules on the treatment of investorsand investments from both countries.

Indonesian Foreign Minister Retno Marsudi stated the treaty couldpotentially boost two-way investment by between 18 percent to 22 percent overthe next five years.

The pact would also serve as an important step for thenations to expedite economic recovery after COVID-19, she added.

To Indonesia, the BIT, first signed in October 2018, was thefirst of its kind to take effect after years of review by the Government.

According to the Indonesian Investment Coordinating Board,Singapore was Indonesia’s largest foreign investor in 2020, with totalinvestment of 9.8 billion USD, which represented a significant increase fromthe 6.5 billion USD of 2019.

Data from the Singaporean Ministry of Industry and Tradeshowed that Indonesia remained one of Singapore’s top ten trading partners lastyear, with bilateral trade reaching 48.8 billion SGD (32.2 billion USD)./.
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