Indonesia Extends a Warm Welcome to Singaporean Investment

Indonesia expects higher investment growth from Singapore. Chairman of the People's Consultative Assembly (MPR) Bambang Soesatyo stated that Singapore's investment opportunities in Indonesia remain wide open, particularly in the development of the National Capital City of Nusantara (IKN Nusantara) in East Kalimantan. According to Bambang, besides relocating its embassy from Jakarta to IKN Nusantara, Singapore can also invest in various development programs within the Nusantara IKN.

Bambang highlighted the well-developed, positive, and constructive bilateral relations between Indonesia and Singapore. In the economic sector, he noted that Singapore is Indonesia's most strategic and largest trading partner in Southeast Asia and the largest source of foreign direct investment in Indonesia. Bambang cited several strong examples of bilateral relations, including the meeting between President Joko Widodo and Prime Minister Lee Hsien Loong in Singapore in March 2023.

Three significant agreements and numerous economic collaborations were agreed upon during the meeting. "This includes 20 letters of intent from Singaporean private sectors for investment in the IKN Nusantara, nine memoranda of understanding in healthcare and digital sectors, and seven intergovernmental memoranda of understanding in energy, health, and digital sectors," he said last March.