Singapore, RI eye new investment

Singapore, RI eye new investment

Associated Press, Singapore

Singapore and Indonesia will push for new investment from
Japan and Europe, launching a joint investors' roadshow at the
end of the year, the city-state's trade minister said on
Thursday.

Lim Hng Kiang, Singapore's Minister for Trade and Industry,
said both countries had "complementary economies" and would use
the roadshow to push the Association of Southeast Asian Nations
as a whole.

"Through my visits to Japan and my interaction with the
Japanese ministers, I can tell they see ASEAN as a positive
location," Lim said, adding that it would look toward Europe
following its swing through Japan.

Lim was speaking at an investment forum that also featured
visiting Indonesian Vice President Jusuf Kalla.

"You need to travel around Indonesia to know there are many
possibilities. Indonesia is not only Jakarta, Surabaya and Bali,
there's more to that," said Kalla, referring to three of the
largest cities in Indonesia.

Kalla said Jakarta was doing its utmost to stamp out graft and
reform its economy to make it more attractive for foreign
investment. The archipelago is widely regarded as one of the
world's most corrupt countries.

"The two common complaints are the high cost of doing business
and in the banking system, the interest is so high," said Kalla.
"We hope within two years, we'll be making changes."

"We're making progress (on corruption), but it's sometimes not
in the news. I assure you we're working so hard, not only for
foreign interests but also for our interest."

Kalla is on a three-day visit to the city-state, and met
Singapore Prime Minister Lee Hsien Loong, Senior Minister Goh
Chok Tong and the city-state's modern founder, Lee Kuan Yew.

The Association of Southeast Asian Nations, or ASEAN, comprise
Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the
Philippines, Singapore, Thailand and Vietnam.