With the theme "Beyond the Ballot: Shaping the Future of Business and Investment in Indonesia," the business forum is meant to strengthen market confidence and provide updates for the Singaporean government, business community and potential investors regarding Indonesia's policy direction following the country’s 2024 general election.

"Indonesia and Singapore have an excellent economic partnership with a long history of relations in almost all sectors, including the economy, security, culture, education, tourism and most importantly, human connectivity and business-to-business connectivity," emphasized Coordinating Economic Affairs Minister Airlangga Hartarto during his special address at the ISBF 2024 at the Hilton Orchard Hotel in Singapore on March 27.

During the event, Minister Airlangga explained that after successfully achieving post pandemic economic recovery, Indonesia is now moving toward becoming an advanced country with economic growth at an average of 6-7 percent per year and a target of average investment growth of 6.8 percent per year for the next 20 years as part of the Golden Indonesia 2045 vision.

Moreover, the official results of the 2024 elections ensure continuity of development agendas in line with the National Medium-Term Development Plan (RPJPN) of 2025-2045.

"ISBF 2024 is the perfect time to assure Singaporean businessmen and investors of Indonesia's commitment to accelerate economic development by ensuring the sustainability of structural reforms, improving productivity and enhancing competitiveness," continued Airlangga.

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In his opening remarks, Indonesian Ambassador to Singapore Suryo Pratomo expressed confidence that this forum would serve as a catalyst to enhance and deepen bilateral economic cooperation between the two countries under Indonesia’s new leadership.

"With various advancements in bilateral relations with Singapore, which is Indonesia's largest traditional investor, significant supporter and esteemed partner, I am fully confident that Indonesia will gain more benefits in the coming years," said Suryo.

Singapore's Minister of Trade and Industry, Gan Kim Yong, said that both countries had close cooperation and regular dialogues at all levels, whether they be personal interactions between the Indonesian and Singaporean communities, corporate-level interactions between businesses or governmental interactions between leaders and officials.

"The strong economic performance of Indonesia can be attributed to the government's structural reforms aimed at improving the investment environment and boosting investor confidence," Gan added.

ISBF 2024 was attended by more than 300 high-level/C-level invitees from various stakeholders in the Singaporean government and private sector. This roster included Enterprise Singapore, Temasek, G1C, Singapore Business Federation, Singapore Chinese Chamber of Commerce and Industry and Singapore Manufacturing Federation.

Speakers included head of the Nusantara Capital City Authority (OIKN) Bambang Susantono, Deputy Minister of State-Owned Enterprises Kartika Wirjoatmodjo, former Indonesian trade minister Muhammad Lutfi, managing director of network partnership and strategic marketing of Group Foreign Direct Investment Authority Jimmy Koh and assistant CEO of Enterprise Singapore Eunice Koh.

The business forum was also attended by the secretary of the Coordinating Ministry for Economic Affairs, Susiwijono Moegiarso.

This article was published in collaboration with Coordinating Ministry for Economic Affairs Republic of Indonesia

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