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Airlangga Hartanto discusses investment opportunities with Singaporean business circles
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D
uring the sidelines of the Indonesia-Singapore Business Forum 2024 in Singapore, held on March 27, Coordinating Minister for Economic Affairs Airlangga Hartarto held a limited meeting with Singaporean business circles closely related to Indonesia.
The meeting was conducted to discuss and share information regarding various business and investment opportunities and potential, as well as future challenges. During the meeting, Minister Airlangga emphasized the significant role of foreign investment for Indonesia's future economic growth.
"In the past 10 years, investment has been one of the key drivers of Indonesia's economic growth. The government continues to rely on foreign direct investment,” said Airlangga.
Responding to questions about investment opportunities in special economic zones (SEZs) and future SEZ development plans, Minister Airlangga underlined the Indonesian government's plan to continue promoting SEZ development in various regions across the country, including one in Bali, which presents attractive investment opportunities for Singaporean investors.
"In the Sanur area, there are hotels being converted into hospitals or healthcare clinics. Meanwhile, in the Kura Kura SEZ, there are investment opportunities for education and tourism," Airlangga explained.
Facing future challenges, Airlangga highlighted the need to continue developing labor-intensive industries alongside capital-intensive industries, such as the textile and fashion industries.
Furthermore, in response to questions about the taxation system in the new cabinet, Airlangga illustrated the idea of forming a separate tax institution completely independent of the Finance Ministry.
"Currently, the tax authority is under the directorate general within the Finance Ministry. The tax authority could be separated into its own institution directly under the President, to create checks and balances," Minister Airlangga stated.
Also present were a delegation of Singaporean businesses led by chairman of the Singapore Institute of International Affairs Simon Tay, who was accompanied by several senior executives from Singaporean companies, including head of international policy and governance at Temasek Ashok Mirpuri, CEO of Singapore and Southeast Asia Sembcorp Koh Chiap Khiong, and chairman and CEO of Jebsen & Jessen Heinrich.
On the Indonesian side, the delegation included Indonesian Ambassador to Singapore Suryo Utomo and secretary of the Office of the Coordinating Minister for Economic Affairs Susiwijono Moegiarso.
This article was published in collaboration with Coordinating Ministry for Economic Affairs Republic of Indonesia
