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.