Singapore targets Indonesia as main business market

Jakarta (Indonesia Window) – Singapore is aiming for Indonesia as a major business market in line with the reopening of the border between the two countries earlier this year.

A large domestic market, a dynamic business community, and an ever-increasing number of business people make Indonesia a lucrative investment target for various neighboring businesses, Singapore’s Minister of Trade and Industry Gan Kim Yong has stated at the Business Networking Singapore Enterprise Center (SEC)@Jakarta event.

“Indonesia is the main market for Singapore and we are looking for Singaporean companies to expand their business overseas,” Yong said in an official statement received here on Friday (June 2).

On this occasion, Yong also had a closed discussion with 12 business representatives from Singapore, who wanted to do business in Indonesia. They come from various sectors, both small and large companies, who are interested in seeing new opportunities to enter the Indonesian market.

In 2021, the bilateral trade between Singapore and Indonesia reached 59.1 billion U.S. dollars or 21 percent higher than in 2020, while Singapore’s total investment in Indonesia reached 9.4 billion U.S. dollars.

Singapore Enterprise Center (SEC)@Jakarta is part of the GlobalConnect@Singapore Business Federation (SBF) program which serves and provides the latest information to various businesses in Singapore to support their business growth in Indonesia.

According to Yong, SBF has established and introduced the Landing Pad Program or a partnership program that can strengthen businesses between Singapore and Indonesia.

Meanwhile, SBF Chairman Lim Ming Yan believes that business people in Singapore are very optimistic about business opportunities in Indonesia, in which Indonesia occupies the top five positions as an attractive country to explore.

“With the opening of the border between countries, many business people are restarting business talks and exploring new opportunities in Indonesia. Through the GlobalConnect@SBF and SEC@Jakarta programs, SBF will continue to help more business people from Singapore to be successful in Indonesia,” Yan said.

Meanwhile, EnterpriseSG Chief Executive Officer (CEO) Png. Cheong Boon added, “Indonesia is a key growth market for many businesses in Singapore, especially in sectors such as lifestyle and consumer, infrastructure, energy and innovation.

“We also promote more Small and Medium Enterprises (SMEs) to take advantage of this support network to explore more new opportunities and deepen collaboration with various businesses in Indonesia,” Boon said.

Reporting by Indonesia Window