SINGAPORE : Singapore companies should look to large urbanised Indonesian cities like Surabaya and Bandung for business opportunities.
This is according to Trade and Industry Minister Lim Hng Kiang, who spoke at a business forum on Indonesia on Wednesday.
Mr Lim said that each region of the Indonesian archipelago offers unique business potential for Singapore businesses.
Indonesian cities like Jakarta, Surabaya and Bandung offer opportunities in F&B, retail, telecoms, banking, real estate and logistics. And resource-rich cities like Balikpapan and Makassar have growth potential for downstream products and services.
These include engineering, logistics, processing, as well as hospitality and urban infrastructure.
Last year, Indonesia was Singapore's fifth largest trading partner with bilateral trade amounting to US$41.7 billion or S$58.5 billion.
Singapore was also the top source of realised investments into Indonesia, accounting for almost US$4.4 billion in 2009.
And it is not just big businesses that can ride on Indonesia's growth potential.
Mr Lim said: "These opportunities extend to SMEs (small- and medium-sized enterprises) as well. We have seen an increasing number of SMEs exploring opportunities to grow their businesses in Indonesia.
"I strongly encourage our companies to seize these growing opportunities in the region and in Indonesia." - CNA/ms