S'pore opens trade office to boost bilateral trade
S'pore opens trade office to boost bilateral trade
JAKARTA (JP): Singapore's Trade Development Board officially
opened yesterday its Jakarta office to enhance bilateral
relations with Indonesia.
Speaking at the opening ceremony of the board's office,
Indonesia's Minister of Trade and Industry Tunky Ariwibowo said
the new branch would have an important role in increasing
bilateral trade between the two countries.
"Singapore is our third largest trading partner after Japan
and the United States. The new office will improve our trade
relationship and could benefit our economy," he said.
The Singapore Trade Development Board has over 30 overseas
offices to help Singaporean companies identify suitable overseas
business partners and assist further expansion.
Singapore's Minister of Trade and Industry Lee Yock Suan said
at the opening ceremony the prospect of bilateral cooperation
between the two countries was bright.
"Indonesia is one of the most attractive destinations for
Singaporean investors to venture and build an external wing for
Singapore's economy," Lee said.
Indonesia's abundant natural resources and huge market of over
200 million people, about 18 million of whom belong to the
middle-class, had lured international investors and businesses,
he said.
He said the commitment of Indonesia' government to modernize
and deregulate its economy also offered investment and trade
opportunities in almost every sector.
"Indonesian fundamentals are strong enough for us to mutually
benefit each other from a more intense bilateral trade
relationship," he said.
Chief Executive of the Singapore board, Barry Desker, said
yesterday the trade development board had recently identified new
investment opportunities in the health care, design, food
processing and agricultural sectors.
The majority of his country's investment in Indonesia was in
manufacturing and services, he said.
The board is leading 49 Singaporean firms in a trade mission
in Indonesia to explore new business ventures in various sectors
including estate development, franchising, financial services,
port development and trade logistics.
Data from Indonesia's Central Bureau of Statistics said its
exports to Singapore hit a record high of US$4.6 billion last
year, up from US$3.7 billion the previous year.
Exports mainly consisted of petroleum products, ships and
boats, tins, natural rubber and electrical machinery.
Indonesia's imports from Singapore grew from $1.3 billion in
1990 to US$2.9 billion in 1996. Imports mainly consisted of
hydrocarbons, telecommunications equipment and parts and pulp and
waste pulp.
Singapore is Indonesia's third largest foreign investor after
Japan and Britain. In the last five years, Singapore's
investment in Indonesia surged to US$3.13 billion in 1996 from
US$166.1 million in 1991. (das)