14th Ministerial Meeting of Indonesia-Singapore Six Bilateral Economic Working Groups: Strengthening Bilateral Economic Cooperation

Singapore, INTI – The 14th Ministerial Meeting of the Indonesia-Singapore Six Bilateral Economic Working Groups (MM 6WG) commenced on Friday, June 7, at the Marina Bay Sands Hotel, Singapore. This annual meeting, a key event for fostering bilateral economic collaboration, was co-chaired by Indonesia's Coordinating Minister for Economic Affairs, Airlangga Hartarto, and Singapore's Deputy Prime Minister, Gan Kim Yong.

Deputy PM Gan Kim Yong opened the meeting with a warm welcome and emphasized the importance of continuing to develop the strong relationship between Indonesia and Singapore amidst current challenges, highlighting the potential for new opportunities to enhance economic growth for both nations.

“I extend my gratitude for the excellent hospitality and the well-organized IPEF meeting, including this bilateral session. I also formally congratulate you on your appointment as Deputy Prime Minister, in addition to continuing your role as Minister for Trade and Industry,” said Minister Airlangga during the plenary session.

The MM 6WG meetings have been held 13 times, with the last meeting taking place in Semarang in mid-August 2023. The bilateral cooperation within the 6WG framework aims to strengthen economic ties in several areas: the Batam, Bintan, and Karimun (BBK) regions and other Special Economic Zones (KEKs), investment, transportation, labor, agribusiness, and tourism.

Minister Airlangga highlighted Indonesia's ambition to become one of the world's top 10 largest economies within the next decade, requiring an economic growth rate of 6% to 7% and substantial investment. He emphasized that achieving this goal necessitates strong collaboration with Singapore.

“Indonesia will continue to strive for stability and peace in the Indo-Pacific and ASEAN regions. I believe that Indonesia and Singapore can serve as anchors,” Minister Airlangga stated.

Additionally, Minister Airlangga discussed Indonesia’s progress in joining the Organization of Economic Co-operation and Development (OECD) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). With Singapore's support, he expressed confidence that Indonesia could achieve membership in these organizations soon.

Highlighting significant advancements from the six working groups, Minister Airlangga mentioned the establishment of a Data Center at Nongsa Digital Park in Batam. “Apart from being a Data Center, Nongsa Digital Park also serves as a training and education center for digital talents in Batam,” he noted.

To facilitate investor mobility, Indonesia has implemented multiple entry visa regulations for Singaporean experts through Visa D17, along with inter-ministerial coordination for the arrival of experts in the BBK region.

Minister Airlangga also touched on the Kendal Industrial Park (KIP), which has seen exponential growth since being designated a Special Economic Zone, thanks to tax incentives such as tax holidays and allowances. Currently, KIP hosts 100 businesses with an investment value of IDR 43.8 trillion.

“We highly value the ongoing process, as the journey itself is crucial. The Six Bilateral Economic Working Groups have made significant progress, and I extend my gratitude to the teams from both countries for their hard work,” concluded Minister Airlangga.

The meeting concluded with the signing of the Joint Report to Leaders document, summarizing the achievements and progress of the bilateral economic cooperation to the leaders of both countries.

Accompanying Minister Airlangga were Indonesian Ambassador to Singapore Suryopratomo, Secretary of the Coordinating Ministry for Economic Affairs Susiwijono Moegiarso, Special Staff for Regional Development, Infrastructure Development, and Investment Wahyu Utomo, Ministry of Economic Affairs spokesperson Haryo Limanseto, and Assistant Deputy for Asian Economic Cooperation Bobby C. Siagian.

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