Singapore, Indonesia marks 50 years of bilateral relations

17 January 2017 – Singapore and Indonesia started their celebrations of 50 years of bilateral relations today with the unveiling of a commemorative pin to celebrate the 50th anniversary during the ‘Indonesia-Singapore Business Partnerships 50 years and Beyond’ event. This event was co-organised by the Singapore Manufacturing Federation (SMF) and the Embassy of Indonesia the Republic of Indonesia in Singapore with the support of the Indonesia Investment Coordinating Board (BKPM) and KADIN Indonesia held at the Mandarin Orchard Hotel.

Speaking at the event as the Guest-of-Honour to a crowd of 250 guests of government officials and business leaders from Indonesia and Singapore, Mr Lim Hng Kiang, Minister for the Ministry of Trade & Industry (Trade) said that Indonesia and Singapore had enjoyed an enduring bilateral relationship which has grown from strength to strength with robust economic ties being a hallmark of both countries. Together with Dr A.M. Fachir, Vice Minister of Foreign Affairs for Indonesia; His Excellency Ngurah Swajaya, Indonesian Ambassador to Singapore; and Mr Douglas Foo, SMF President, they unveiled the commemorative pin of the 50th Anniversary of Singapore-Indonesia diplomatic relations designed by the Indonesian Embassy in Singapore.

Vice Minister of Foreign Affairs for Indonesia AM Fachir; Trade and Industry Minister Lim Hng Kiang; Ngurah Swajaya, Indonesian ambassador to Singapore and SMF president Douglas Foo unveiling the commemorative pin for the 50th anniversary of Singapore-Indonesia diplomatic relations

In 2015, bilateral trade between Singapore and Indonesia reached more than S$58.7 billion, making Indonesia Singapore’s fourth largest trading partner while Singapore was Indonesia’s third largest trading partner. FDI from Singapore was US$5.9 billion (S$8.3 billion). In 2016, Singapore companies invested almost US$7.1 billion in Indonesia for the first nine months, doubling that for the same period in 2015. This maintains Singapore’s position as Indonesia’s largest foreign investor. Singapore and Indonesia are also among each other’s top sources of tourist arrivals.

According to a recent members’ survey of SMF, Indonesia emerged as the top choice for an overseas market that members would want to explore in 2017. Hence, the federation has lined up 8-9 business mission trips to Indonesia to visit industrial parks and to connect these delegates to potential partners and clients this year. The first business mission trip is scheduled for Jakarta and Bandung from 15 to 17 March 2017.

Mr Douglas Foo, SMF President said, “Given the foundational framework already established by both governments from Singapore and Indonesia with the forging of strong diplomatic ties, SMF is all geared up to further build on this robust structure to further deepen economic partnerships. SMF is well-positioned to drive industry-level transformation and lead the development of industry wide solutions for the common challenges faced by our businesses with the support from our strategic partners such as IE Singapore, BKPM and KADIN Indonesia.

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