Bilateral merchandise trade between Singapore and Indonesia rose 21% in 2021: MTI

SINGAPORE: Bilateral merchandise trade between Singapore and Indonesia reached S$59.1 billion in 2021 – a 21 per cent increase from the previous year, said the Ministry of Trade and Industry (MTI) on Wednesday (Jun 1).

MTI released the figures a day after Minister for Trade and Industry Gan Kim Yong concluded his visit to Jakarta, during which he reaffirmed strong bilateral economic relations and opportunities for closer cooperation with Indonesia.

“Singapore and Indonesia share excellent bilateral economic relations. Indonesia is a key market for Singapore businesses looking to venture overseas,” said Mr Gan, who was in Jakarta from May 29 to May 31.

“We will continue to work closely with the Indonesian government to deepen our bilateral economic ties and help our businesses explore new opportunities in Indonesia.”

According to MTI, Indonesia is Singapore’s sixth largest trading partner. Singapore has also consistently been Indonesia’s top source of Foreign Direct Investment (FDI) since 2014. 

In 2021, the total value of Singapore-originating investments in Indonesia amounted to S$12.8 billion, accounting for 14.9 per cent of Indonesia’s total FDI.

DEEPENING BILATERAL COOPERATION

During his trip, Mr Gan met Indonesia’s Minister of Investment Bahlil Lahadalia, Minister of Energy and Mineral Resources Arifin Tasrif, and the Head of the Nusantara National Capital Authority Bambang Susantono. 

At the meetings, both sides expressed interest in deepening bilateral cooperation in the areas of energy, infrastructure development, and the digital economy.

Mr Gan also attended the Singapore Business Federation’s (SBF) GlobalConnect@SBF business event held at Singapore Enterprise Centre @ Jakarta on May 31, meeting with several Singapore business representatives based in Jakarta.

During his trip, Mr Gan also met business representatives from Indonesian companies in the financial, energy and tech sectors.

He visited Bumi Serpong Damai City in South Tangerang, where he visited a Transit-Oriented Development facility that would serve as an important connection node between Tangerang and Jakarta, said MTI.