Singapore, RI seek opportunities<\/p>\n
Bloomberg, Singapore<\/p>\n
Singapore and Indonesia, whose bilateral trade increased 17
\npercent to US$10 billion in the first half, should seek
\npartnerships in areas such as oil and tourism, Singapore's Trade
\nMinister Lim Hng Kiang said.<\/p>\n
Singapore, a regional center for oil rig construction,
\npetroleum refinery and oil trading, should seek opportunities in
\nIndonesia, which has the world's 16th-largest proven oil
\nreserves, Lim said.<\/p>\n
The city-state could also channel tourists to Indonesian
\nresort islands such as Bali, he added.<\/p>\n
\"By leveraging on each other's economic resources and
\nconnectivity to mutual benefit, Indonesia and Singapore can put
\nin place a virtuous cycle of economic prosperity which can
\ntransform both countries into a global economic force,\" Lim said
\non Friday at a forum in Singapore where Indonesian Trade Minister
\nMari Pangestu also spoke.<\/p>\n
Singapore is improving ties with trading partners to grow its
\neconomy beyond a limited domestic market of 4 million people.<\/p>\n
For Indonesia, a Singapore tie-up could give it access to
\n7,000 multinational companies on the island-state and help it
\nsecure the $150 billion it needs invested in power plants and
\nother infrastructure projects over the next five years to spur
\neconomic growth and create more jobs.<\/p>\n
Indonesia wants to revive foreign investment that slumped to
\n$10.3 billion in 2004, a quarter of the amount it got in 1995
\nbefore the Asian financial crisis.<\/p>\n
The country, which is Southeast Asia's largest economy,
\nsupplies gas to Singapore and exports its oil to the island-state
\nfor refining.<\/p>\n
Singapore, which builds 80 percent of the world's oil rigs and
\nis the third-largest oil refining and petrochemical center
\nglobally, is seeking opportunities for Indonesia's more than 7
\ntrillion barrels of oil that may be increased with improved
\ntechnology, Lim said.<\/p>\n
He also added that oil trading companies generated $100
\nbillion of oil trades yearly from the city-state.<\/p>\n
The Indonesian government forecasts gross domestic product
\nwill expand at about 6 percent this year.<\/p>\n
Indonesia's economy expanded 6.35 percent in the first quarter
\nfrom a year earlier as exports of minerals doubled and companies
\nsuch as PT Telekomunikasi Selular raised investment to expand
\ncapacity.<\/p>\n
The economy grew 5.1 percent in 2004, the most in eight years.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/singapore-ri-seek-opportunities-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }