Singapore and Indonesia renewed the two nations’ commitment to deepening economic cooperation during a high-level bilateral meeting held in Singapore on Sunday. At the 15th Singapore-Indonesia Six Bilateral Economic Working Groups (6WG) Ministerial Meeting, Singapore and Indonesia reaffirmed their dedication to boost trade ties.
Singapore’s Deputy Prime Minister, Gan Kim Yong, and Indonesia’s Coordinating Minister for Economic Affairs, Airlangga Hartarto, co-chaired the 15th Ministerial Meeting.
The Six Bilateral Economic Working Groups (6WG) serve as a key platform for enhancing economic collaboration between Singapore and Indonesia across various sectors, including the Batam, Bintan, and Karimun (BBK) region, special economic zones, investment, transportation, agribusiness, and tourism.
The meeting follows the signing of three agreements on clean energy and sustainable development during Singapore Minister Tan See Leng’s visit to Jakarta on Friday. Meanwhile, Indonesian President Prabowo Subianto is scheduled to make his inaugural state visit to Singapore on Monday.
During the meeting, the ministers also witnessed the signing of two key commercial agreements. The first was an affirmation letter between Sembcorp Development of Singapore and PT Batamraya Sukses Perkasa of Indonesia to develop low-carbon industrial parks in the BBK region. As part of the collaboration, the companies are co-developing the 100-hectare Tembesi Innovation District, a project targeting sustainability-driven tenants and projected to generate 20,000 jobs upon full completion.
The second is an MoU between the Singapore Semiconductor Industry Association and the Indonesian Chamber of Commerce and Industry to broaden market access for semiconductor and electronics firms across both countries.
The discussions also covered initiatives to boost agritech partnerships and explore new trade avenues for businesses in both Singapore and Indonesia.
Trade relations between Singapore and Indonesia have strengthened in recent years, with bilateral trade hitting US$57.6 billion in 2024. Indonesia remains one of Singapore’s key trading partners, while Singapore has consistently held its position as Indonesia’s leading source of foreign direct investment since 2014—contributing over US$20.1 billion in 2024 alone.
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