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Investment Minister Aims to raise Singapore FDI in Indonesia Above US$63.17

In a strategic meeting aimed at bolstering bilateral economic relations, Indonesian Investment Minister and Investment Coordinating Board (BKPM) Chairman Rosan Roeslani, shared his goal to significantly increase Singapore's investment in Indonesia, surpassing the current benchmark of US$63.17 billion. This figure reflects the cumulative investment received from Singapore from 2019 to June 2024, accounting for 29.8 percent of Indonesia's total foreign direct investment (FDI).

Addressing the necessity for greater cooperation, Rosan said, "Our government's future priorities include advancing the downstream natural resources sector, promoting clean energy, improving health services, and developing human capital." His remarks were made during a pivotal meeting in Singapore, designed to fortify collaboration between the two nations in the economic and sustainable investment sectors.

The forthcoming government, led by president-elect Prabowo, intends to maintain the momentum set in motion by President Joko “Jokowi” Widodo’s leadership. All ministries, including the Investment Ministry/BKPM, are committed to ensuring a seamless transition.

"Enhancing the investment climate in Indonesia remains our focus through policy refinement and attractive incentives. We are keen to understand Singaporean entrepreneurs' primary concerns regarding investments in Indonesia," Rosan said.

Rosan is scheduled for a high-level meeting with the Prime Minister of Singapore to discuss strategies for strengthening investment ties, particularly in natural resources downstreaming, clean energy and workforce development. The discussions aim at laying the groundwork for strategic projects and further solidifying bilateral cooperation.

Tan See Leng, Singapore's manpower minister and second trade and industry minister, expressed strong support for Rosan's visit aimed at fortifying the partnership with Indonesia.

"We are keen on expanding partnership with Indonesia, including on LNG plants and maritime investments such as tankers and bunkering," Tan said.

He emphasized the need for discussions on overcoming challenges related to carbon capture storage (CCS) and the burgeoning carbon market in Indonesia, signifying a mutual interest in accelerating progress in these areas.

Additionally, Tan endorsed efforts toward enhanced nutrition for the Indonesian population.

Rosan also convened meetings with key executives from prominent Singaporean firms. Discussions with SP Group revolved around cross-border electricity investments, while a session with SingTel focused on infrastructure, data centers and telecommunications investment opportunities.

Further discussions with Sembcorp targeted investments in solar power plant projects in the new capital Nusantara, the Kendal industrial zone (Sembcorp Urban), and Batam's telecom infrastructure. Moreover, Rosan engaged with ST Telemedia Global Data Center (STT GDC) regarding plans to boost data center investments.

The inaugural day of this significant visit concludes with dialogues between the investment minister and the Singapore Business Federation. This three-day diplomatic visit is slated to proceed from Aug. 26 to 28, fostering deeper economic ties between Indonesia and Singapore.

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