During the Indonesia-Singapore Business Forum 2024 in Singapore on March 27, 2024. Coordinating Minister for the Economy Airlangga Hartarto held a limited meeting with Singaporean business figures closely linked to Indonesia.
The meeting aimed to discuss and exchange information regarding various business and investment opportunities, as well as future challenges. Airlangga emphasized the significant role of foreign investment in 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,” Airlangga said on March 28, 2024.
Responding to questions about investment opportunities in Special Economic Zones (SEZs) and their future development plans, Airlangga underscored the government’s plan to continue promoting SEZ development in various regions of Indonesia, including the SEZ in Bali, which offers attractive investment opportunities for Singaporean investors.
“In the Sanur area, there are hotels converted into hospitals or healthcare clinics. Meanwhile, in the Kura Kura SEZ, there are investment opportunities in the education and tourism sectors,” Airlangga said.
Facing future challenges, Airlangga emphasized the need to continue developing labor-intensive industries alongside capital-intensive industries, such as the textile and fashion industries.
In regards with update in the Indonesian tax system, Airlangga illustrated the idea of establishing a separate tax institution from the Ministry of Finance.
“Currently, tax authority rests with the Directorate General under the Ministry of Finance. Tax authorities could be separated into a separate institution directly under the President, to balance checks and balances,” he said.
Present at the meeting were a delegation of Singaporean business figures led by Chairman of the Singapore Institute of International Affairs Simon Tay, accompanied by several top executives from Singaporean companies such as Head of International Policy and Governance at Temasek, Ashok Mirpuri; CEO – Singapore and Southeast Asia at Sembcorp, Koh Chiap Khiong; and Chairman and CEO of Jebsen and Jessen, Heinrich Jessen.
Meanwhile, accompanying Airlangga were Indonesian Ambassador to Singapore Suryopratomo and Secretary at the Coordinating Ministry for the Economy, Susiwijono Moegiarso.
