Fri, 21 May 2010
The Indonesian and Singaporean governments have agreed to jointly promote the Batam, Bintan and Karimun (BBK) free trade zone, in Riau Islands province in a bid to lure more international investors.

Trade Minister Mari Elka Pangestu said in Jakarta on Thursday that the partnership in the promotion of the BBK free trade zone was part of the economic cooperation agreement signed during President Susilo Bambang Yudhoyono's brief visit to Singapore on Monday.

Mari said that in addition to the joint promotion efforts with Singapore, the Indonesian government would also improve the legal system to make the BBK area a better place to do business.

She said the BBK free trade zone, which was formally opened in April last year still received a lukewarm response from international investors due to the lack of promotion.

Apart from the lack of publicity and the global economic slowdown, the weak legal system is also blamed for the lack of foreign investors' interest in setting up factories in the area.

Mari said the Indonesian and Singaporean governments also agreed to explore the possibility of cooperating in the establishment of a new free zone in the Lingga Singkep area in the Riau Islands province.

The government initially expected that the establishment of the free trade zone would result in an increase in exports from Batam, Bintan and Karimun islands to US$10 billion, compared to $6 billion in 2005.

"We also targeted $1 billion in new investment and the creation of 130,000 jobs. Unfortunately, we failed," Mari said, adding that the failure should serve as a good lesson for the development of other free trade zones in other Indonesian provinces.

Apart from the joint promotion program, she said, Indonesia and Singapore also agreed to cooperate in the development of the tourism industry in the Riau Islands province.

"We will cooperate to create a joint destination program called *cruise tourism' to attract more tourists from Singapore to visit Riau Islands," she said.

Mari said Singapore had established port facilities that could be used to support cruise tourism.

Also as part of the cooperation, the Singaporean government has promised to buy more agricultural products from Riau Islands such as vegetables, fruit and fish.

Singapore, which is a 30-minute ride by ferry from Batam, the main town in Riau Islands, is a large market for vegetables and fruit. But Indonesia, and especially Riau Islands, remains unable to fully tap into the market potential.

Mari said Indonesia's share in Singapore's vegetable and fruit market remained low at about 10 percent.

"With the new deal, we expect our market share to increase to 30 percent by the end of 2014," she added. (ebf)



News Search/Filter
Transaction Rates
23 Jun 18
Buy
Sell
AED1
3,824.31
3,824.31
AFN1
196.35
196.35
ALL1
129.23
129.23
AMD1
29.14
29.14
ANG1
7,740.29
7,740.29
AOA1
57.11
57.11
ARS1
520.33
520.33
AUD1
10,454.06
10,454.06
AWG1
7,852.06
7,852.06
AZN1
8,251.03
8,251.03
BAM1
8,363.06
8,363.06
BBD1
7,023.69
7,023.69
BDT1
166.26
166.26
BGN1
8,373.47
8,373.47
BHD1
37,055.64
37,055.64
BIF1
7.86
7.86
BMD1
14,047.38
14,047.38
BND1
9,298.32
9,298.32
BOB1
2,033.15
2,033.15
BRL1
3,710.25
3,710.25
BSD1
14,047.38
14,047.38
BTC1
86,145,614
86,145,614
BTN1
207.23
207.23
BWP1
1,361.29
1,361.29
BYN1
7,044.75
7,044.75
BZD1
6,989.60
6,989.60
CAD1
10,580.49
10,580.49
CDF1
8.69
8.69
CHF1
14,212.32
14,212.32
CLF1
603,669.49
603,669.49
CLP1
22.00
22.00
CNH1
2,158.09
2,158.09
CNY1
2,159.40
2,159.40
COP1
4.81
4.81
CRC1
24.77
24.77
CUC1
14,047.38
14,047.38
CUP1
550.87
550.87
CVE1
147.61
147.61
CZK1
635.21
635.21
DJF1
78.89
78.89
DKK1
2,197.09
2,197.09
DOP1
284.01
284.01
DZD1
119.75
119.75
EGP1
786.94
786.94
ERN1
929.75
929.75
ETB1
509.14
509.14
EUR1
16,388.38
16,388.38
FJD1
6,692.42
6,692.42
FKP1
18,632.71
18,632.71
GBP1
18,632.71
18,632.71
GEL1
5,719.98
5,719.98
GGP1
18,632.71
18,632.71
GHS1
2,970.60
2,970.60
GIP1
18,632.71
18,632.71
GMD1
297.14
297.14
GNF1
1.55
1.55
GTQ1
1,874.45
1,874.45
GYD1
67.17
67.17
HKD1
1,789.96
1,789.96
HNL1
587.15
587.15
HRK1
2,219.07
2,219.07
HTG1
211.00
211.00
HUF1
50.43
50.43
IDR1
1.00
1.00
ILS1
3,895.92
3,895.92
IMP1
18,632.71
18,632.71
INR1
206.99
206.99
IQD1
11.81
11.81
IRR1
0.33
0.33
ISK1
129.61
129.61
JEP1
18,632.71
18,632.71
JMD1
107.01
107.01
JOD1
19,776.53
19,776.53
JPY1
127.74
127.74
KES1
139.19
139.19
KGS1
205.80
205.80
KHR1
3.45
3.45
KMF1
33.26
33.26
KPW1
15.60
15.60
KRW1
12.63
12.63
KWD1
46,431.20
46,431.20
KYD1
16,857.64
16,857.64
KZT1
41.31
41.31
LAK1
1.66
1.66
LBP1
9.29
9.29
LKR1
88.35
88.35
LRD1
95.60
95.60
LSL1
1,044.80
1,044.80
LYD1
10,367.07
10,367.07
MAD1
1,477.11
1,477.11
MDL1
827.66
827.66
MGA1
4.22
4.22
MKD1
265.57
265.57
MMK1
10.12
10.12
MNT1
5.76
5.76
MOP1
1,738.48
1,738.48
MRO1
39.45
39.45
MRU1
392.93
392.93
MUR1
402.47
402.47
MVR1
912.16
912.16
MWK1
18.60
18.60
MXN1
702.15
702.15
MYR1
3,510.08
3,510.08
MZN1
235.69
235.69
NAD1
1,045.58
1,045.58
NGN1
39.02
39.02
NIO1
442.99
442.99
NOK1
1,735.48
1,735.48
NPR1
129.55
129.55
NZD1
9,702.57
9,702.57
OMR1
36,484.26
36,484.26
PAB1
14,047.38
14,047.38
PEN1
4,298.46
4,298.46
PGK1
4,284.70
4,284.70
PHP1
264.02
264.02
PKR1
115.52
115.52
PLN1
3,788.72
3,788.72
PYG1
2.46
2.46
QAR1
3,858.00
3,858.00
RON1
3,513.87
3,513.87
RSD1
138.67
138.67
RUB1
223.06
223.06
RWF1
16.32
16.32
SAR1
3,745.82
3,745.82
SBD1
1,774.99
1,774.99
SCR1
1,037.38
1,037.38
SDG1
779.97
779.97
SEK1
1,586.46
1,586.46
SGD1
10,341.88
10,341.88
SHP1
18,632.71
18,632.71
SLL1
2.22
2.22
SOS1
24.17
24.17
SRD1
1,881.01
1,881.01
SSP1
107.83
107.83
STD1
0.66
0.66
STN1
664.49
664.49
SVC1
1,605.51
1,605.51
SYP1
27.27
27.27
SZL1
1,044.80
1,044.80
THB1
426.93
426.93
TJS1
1,542.66
1,542.66
TMT1
4,013.55
4,013.55
TND1
5,410.33
5,410.33
TOP1
6,124.24
6,124.24
TRY1
3,003.52
3,003.52
TTD1
2,084.44
2,084.44
TWD1
463.41
463.41
TZS1
6.17
6.17
UAH1
535.49
535.49
UGX1
3.63
3.63
USD1
14,047.38
14,047.38
UYU1
443.36
443.36
UZS1
1.78
1.78
VEF1
0.17
0.17
VND1
0.61
0.61
VUV1
129.28
129.28
WST1
5,440.99
5,440.99
XAF1
24.98
24.98
XAG1
231,119.56
231,119.56
XAU1
17,832,066.98
17,832,066.98
XCD1
5,197.82
5,197.82
XDR1
19,827.69
19,827.69
XOF1
24.98
24.98
XPD1
13,481,179.54
13,481,179.54
XPF1
137.33
137.33
XPT1
12,333,414.48
12,333,414.48
YER1
56.12
56.12
ZAR1
1,045.74
1,045.74
ZMW1
1,394.42
1,394.42
ZWL1
43.57
43.57
Taxation Exchange Rates
31 Aug 16 - 06 Sep 16
USD 1
13,232.00
AUD 1
10,043.30
CAD 1
10,213.70
DKK 1
1,999.40
HKD 1
1,706.22
MYR 1
3,283.28
NZD 1
9,623.63
NOK 1
1,605.23
GBP 1
17,433.70
SGD 1
9,757.68
SEK 1
1,569.45
CHF 1
13,631.10
JPY 100
13,101.00
MMK 1
11.01
INR 1
197.29
KWD 1
43,920.70
PKR 1
126.23
PHP 1
285.00
SAR 1
3,528.53
LKR 1
91.12
THB 1
382.08
BND 1
9,756.53
EUR 1
14,885.50
CNY 1
1,987.61

Okusi Associates: Indonesian Business & Management Services