Speech by Minister Gan Kim Yong at the Singapore Business Federation's Singapore Enterprise Centre (SEC) @ Jakarta Business Networking Event in Jakarta, Indonesia

Distinguished Guests,

Ladies and Gentlemen,

1. A very good morning. I am pleased to join you today at the Singapore Enterprise Centre @ Jakarta.

2. With the COVID-19 situation stabilising, I am glad we are now able to gather physically once again. I hope for more frequent and regular networking events so that businesses will be able to meet, interact and network with one another.

3. Indonesia is a key market for Singapore businesses that are looking to venture overseas. In 2021, bilateral trade between Singapore and Indonesia reached S$59 billion, a 21% increase from the previous year. In addition, we continue to take the top spot as Indonesia’s investor since 2014. This would not have been possible without the strong support from the business community and the people-to-people ties that you have with each other.

4. To help our businesses thrive in Indonesia, the Singapore Government continues to work closely with our Indonesian counterparts to deepen our economic partnership.

5. Despite the COVID-19 pandemic, we have achieved several important milestones in the past two years, including the entry into force of the Singapore-Indonesia Bilateral Investment Treaty and the Avoidance of Double Taxation Agreement to introduce greater clarity and certainty for businesses.

6. I am happy to note that the Singapore Business Federation (SBF) has also taken a step further to help our businesses. The Singapore Enterprise Centre @ Jakarta, where we are today, was set up to help provide business advisories to Singapore-based businesses who are keen on expanding their operations in Indonesia. I have been told that the programme has provided close to 650 business advisories focused on Indonesia since its launch in November 2019.

7. SBF has now introduced a new initiative, the ‘Landing Pad Programme’. It is designed to offer an immersion programme for interested Singapore-based companies to be introduced to the Indonesian market by providing networking opportunities with local business communities, and ongoing support to accelerate your international journey.

8. The strong partnership between businesses will be important in supporting our recovery and growth, as both Singapore and Indonesia emerge stronger from the COVID-19 pandemic. I look forward to seeing more partnerships forged between Singapore and Indonesian businesses to expand and pursue opportunities in both countries.

9. Thank you.