Singapore, Indonesia establish bilateral business council

It will be led by BKPM and EDB.

Singapore and Indonesia further strengthened their bilateral ties with the establishment of the Indonesia-Singapore Business Council (ISBC).

The ISBC will be led by Indonesia’s Investment Coordinating Board (BKPM) and Singapore Economic Development Board (EDB). It will be supported by the Singapore Business Federation (SBF) and Indonesia’s Chambers of Commerce and Industry (KADIN).

The ISBC will provide an overall framework to identify potential areas of cooperation between the business communities of Indonesia and Singapore.

It will also foster closer interaction and strengthen the networks between the private sectors of both countries.

Singapore and Indonesia enjoy strong economic ties. In 2016, bilateral trade reached $56.1b.

Singapore was Indonesia’s top foreign investor in 2016 with investments amounting to more than $13b.

Both countries are the top source of visitor arrivals for each other. This year is also marks the 50th anniversary of Singapore-Indonesia diplomatic relations.