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Indonesian leader vows to resolve free trade zone issues with Singapore

Indonesian President Joko Widodo has vowed to address issues within the Batam, Bintan and Karimun free trade zone with Singapore.
Indonesian President Joko Widodo has vowed to address issues within theBatam, Bintan and Karimun free trade zone with Singapore.

Speaking at a press conference on July 29 within the framework of hisvisit to Singapore, the Indonesian leader affirmed that he will set up aspecial office to deal with regulation-related problems to ensure thatthe zone attracts more foreign investors to Indonesia.

Based on a cooperation agreement between Singapore and Indonesia, thethree islands of Batam, Bintan and Karimun became a free trade zone in2007 with businesses enjoying customs and tax exemptions. However, thearea has not lived up to its potential.

At present,Singapore is Indonesia’s fourth largest trade partner. The country hasbeen one of the five leading investors in Indonesia since 2001, withtotal investment capital reaching 5.8 billion USD last year.-VNA
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