Indonesian Minister of Trade Budi Santoso with the Minister of Sustainability and the Environment and the Minister of Singapore’s Trade Relations, Grace Fu carried out a bilateral meeting on Thursday (11/14).
On that occasion, Budi conveyed Indonesia’s priority on the issue of micro, small and medium enterprises (MSMEs) in order to export their products. Responding to that, Singapore invited Indonesia to elaborate the ideas of MSMEs to develop digital cooperation and trade facilitation.
“We convey the priority of the issue of MSMEs to be able to export. Singapore responds well and invites Indonesia to be able to elaborate the ideas of MSMEs, especially in the development of digital cooperation and trade facilitation,” Budi said, in his statement, Saturday (11/16/2024).
The opportunity given by Singapore can support one of the Ministry of Trade’s priority programs, namely MSMEs can (dare to innovate, ready to adapt) exports.
Another issue discussed at the meeting, namely about the Annual Ministerial Dialogue (AMD) forum. AMD is a special dialogue forum at the ministerial level between the Indonesian Ministry of Trade and the Singapore Ministry of Trade and Industry.
The implementation of the AMD meeting is expected to be a means of promoting trade in goods and services including exploration of trade facilitation for MSMEs and business assessment; Discussion on the issue of trade in goods, electronic commerce/digital connectivity, halal industry, and the implementation of international trade agreements; and the search for solutions to other new issues that affect bilateral trade.
“Indonesia supports the activation of the AMD forum to promote and facilitate trade and explore new issues in international trade,” Budi said.
At the meeting, Indonesia also encouraged Singapore to invest in Indonesia, especially in the Batam and Bintan regions. The two countries also expressed their interest in cooperation in the energy and food sector.
Indonesian-Singapore Trade at a Glance: In January-September 2024, total trade between the two countries reached US $ 24.77 billion with. Indonesia’s exports to Singapore amounted to US $ 8.65 billion and Indonesia’s imports from Singapore were US $ 16.12 billion.
Thus, Indonesia’s trade deficit against Singapore is US $ 7.47 billion. In 2023, the total trade of the two countries was recorded at US $ 31.02 billion with Indonesia’s exports to Singapore of US $ 12.61 billion and Indonesia’s imports from Singapore of US $ 18.41 billion.
In 2023, Singapore ranked 6th as export destination and 2nd position as the origin of imports for Indonesia. Indonesia’s main export products are natural gas, petroleum oil,. metal jewelry, electric machines, and petroleum residues. While the main imported products of Indonesia are motorbike fuel (motor spirit), diesel fuel, petroleum bitumen, p-xylene (para-xylene), and lubricants.
Meanwhile, Singapore’s investment in Indonesia in 2023 was recorded at US $ 15.4 billion. This value increased by 15.62% compared to the previous year.
November 16, 2024, detikFinance(https://finance.detik.com/berita-ekonomi-bisnis/d-7641748/ri-dan-singapura-kerja-sama-geber-ekspor-umkm