Jakarta (VNA) – Indonesia and Singapore haveagreed to enhance economic cooperation, including in digital technologyinvestment, to speed up economic recovery in the two countries which have beenimpacted by the COVID-19 pandemic.
Thetwo countries agreed to make remarkable efforts and initiate new policybreakthroughs to ensure that stringent health protocols can run in line witheconomic recovery, Indonesian Coordinating Minister for Economic AffairsAirlangga Hartarto said following a bilateral meeting virtually held withSingapore’s Trade and Industry Minister Chan Chun Sing on October 15.
Both countries highlighted the importance of previousagreements, such as the ratification of bilateral investment, travel corridor,provisions for the elimination of double taxation, and Indonesia's structuralreform policy through the job creation law.
Hartarto said the agreement is aimed at improving theinvestment climate and Indonesia's competitiveness in the region.
The two countries also see the potential to increaseinvestment, especially in the sector of digital economy, smart cities,financial technology, and digital technology-based start-ups.
Indonesia, he said, could learn from other countries thathave made advanced progress in the sector, hence cooperation in digital economyand training in technology application are important.
The bilateral meeting also discussed achievements inbilateral economic cooperation in six working groups, namely Batam, BintanKarimun working group (WG) and special economic zone; working groups oninvestment; transportation; tourism, labor, and agribusiness.
Singapore is Indonesia’s third largest trade partner,while Indonesia is the sixth largest trade partner of Singapore.
Singapore was a major source of foreign investment for Indonesia in 2014-2019, withtotal investment reaching 6.5 billion USD in 2019. In the tourism sector, 1.61million tourists from Singapore visited Indonesia last year.
Amid the global economic slowdown and crisis due to theCOVID-19 pandemic, Singapore's investment in Indonesia until the second quarterof 2020 has increased 36.19 percent to 4.67 billion USD compared to 3.43billion USD in the same period last year./.
Thetwo countries agreed to make remarkable efforts and initiate new policybreakthroughs to ensure that stringent health protocols can run in line witheconomic recovery, Indonesian Coordinating Minister for Economic AffairsAirlangga Hartarto said following a bilateral meeting virtually held withSingapore’s Trade and Industry Minister Chan Chun Sing on October 15.
Both countries highlighted the importance of previousagreements, such as the ratification of bilateral investment, travel corridor,provisions for the elimination of double taxation, and Indonesia's structuralreform policy through the job creation law.
Hartarto said the agreement is aimed at improving theinvestment climate and Indonesia's competitiveness in the region.
The two countries also see the potential to increaseinvestment, especially in the sector of digital economy, smart cities,financial technology, and digital technology-based start-ups.
Indonesia, he said, could learn from other countries thathave made advanced progress in the sector, hence cooperation in digital economyand training in technology application are important.
The bilateral meeting also discussed achievements inbilateral economic cooperation in six working groups, namely Batam, BintanKarimun working group (WG) and special economic zone; working groups oninvestment; transportation; tourism, labor, and agribusiness.
Singapore is Indonesia’s third largest trade partner,while Indonesia is the sixth largest trade partner of Singapore.
Singapore was a major source of foreign investment for Indonesia in 2014-2019, withtotal investment reaching 6.5 billion USD in 2019. In the tourism sector, 1.61million tourists from Singapore visited Indonesia last year.
Amid the global economic slowdown and crisis due to theCOVID-19 pandemic, Singapore's investment in Indonesia until the second quarterof 2020 has increased 36.19 percent to 4.67 billion USD compared to 3.43billion USD in the same period last year./.
VNA
