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Singapore, Indonesian apex chambers sign agreement
Jul '15
Widodo speaking at SBF/Courtesy: SBF
Widodo speaking at SBF/Courtesy: SBF
Singapore Business Federation (SBF) and the Indonesian Chamber of Commerce and Industry (KADIN) have signed a Strategic Cooperation Agreement during the visit of Indonesian President Joko Widodo to the neighbouring city-state this week.
The first such agreement between two apex chambers in Asean is expected to boost bilateral trade and investment relations between the two countries, SBF said on its website.
The comprehensive agreement establishes a business-to-business platform for promoting Singapore investments into Indonesia. It will help Singapore companies take advantage of business opportunities in Indonesia to foster closer relationships between SMEs in both countries, and foster exchange of information regarding economic developments, good trade association management practices and capacity building programmes.
The agreement also envisages establishment of appropriate conduits for feedback on the obstacles and challenges impacting the flow of trade and investment between Indonesia and Singapore.
Commenting on the agreement, SBF chairman SS Teo said, “With the world's fourth largest population and a rising middle class, Indonesia offers many opportunities for  businesses from both sides to explore, not only within the growing metropolitan areas, such as Bali, Jakarta, Makassar, Surabaya, but also in the other areas of the archipelago. We look forward to closer collaboration between businesses from both sides, particularly SMEs, in enhancing two-way trade and investment.”
“The level of commitment of  both apex chambers are real and practical and we will work to enhance economic cooperation by forming a Joint Committee to implement the objectives of Strategic Cooperation to provide real supports to all businesses including SMEs,” said KADIN chairman Suryo Bambang Sulisto.
Further to the conclusion of the agreement, SBF will be organising several business missions to several Indonesian cities including Jakarta, Surabaya, Bintan and Batam, as well as thematic industry roundtables to raise the awareness of new and promising business opportunities in the vast Indonesian archipelago of 250 million people.
The Indonesian government has set a target of achieving 7 per cent GDP growth by 2018, compared to the expected five per cent growth this year.
Post his meeting with Widodo, Singapore Prime Minister Lee Hsien Loong told media persons that they have agreed to deepen bilateral economic cooperation. “We agreed to work together to make it even more attractive, so that Singapore companies can take advantage of opportunities in Indonesia,” said Loong.
At present,Indonesia is Singapore's fourth largest trading partner, and it is also among the top five investors in Indonesia with last year's investments at $5.8 billion. (RKS)

Fibre2Fashion News Desk – India

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