An increasing number of Singaporean companies are seeking assistance to enter and expand within the Indonesian market, drawn by the country’s significant market size and burgeoning sectors.
As the relationship between Singapore and Indonesia continues to strengthen, more Singaporean companies are exploring opportunities in Indonesia’s diverse economy, bolstered by support from Enterprise Singapore (EnterpriseSG).
In 2023, EnterpriseSG assisted over 300 Singaporean companies in their expansion efforts into Indonesia, a significant increase from previous years, highlighting a growing interest in the Indonesian market.
During a recent leaders’ retreat in Bogor, the Prime Ministers of Singapore and Indonesia highlighted ongoing collaborations in new sectors such as the green economy and digital markets, underscoring the evolving economic ties between the two nations.
Bilateral trade between Singapore and Indonesia reached $69 billion in 2023, with Singapore’s direct investment in Indonesia marking a substantial increase, totaling $15.4 billion, up 15.8% from 2022.
EnterpriseSG facilitates Singaporean companies’ entry into Indonesia through its centers in Jakarta and Surabaya, connecting businesses with local partners and introducing them to the Indonesian business landscape.
Read More: Surging E-commerce in ASEAN: Impacts on Indonesia, Singapore, and Malaysia
EnterpriseSG is actively promoting investment in Indonesia’s growing sectors, such as the green economy and digital technology, by organizing business forums and exploratory trips to emerging regions like the new capital in East Kalimantan.
The growing business engagements between Singapore and Indonesia not only offer new economic opportunities but also highlight the strong governmental support fostering these cross-border expansions. This cooperation is set to enhance both nations’ positions in the global market, particularly in innovative and sustainable sectors.
Singaporean companies are increasingly targeting Indonesia for expansion, supported by EnterpriseSG, amidst strengthening bilateral ties. This surge in interest spans various sectors, with significant emphasis on green and digital economies, reflecting both countries’ strategic focus on future-oriented industries.
Source: Koran Jakarta (2024)
