Indonesia, Singapore mark 50 years relations, highlight digital economic cooperation

Following a Leaders Retreat to mark five decades of diplomatic relations between Indonesia and Singapore, the leaders of both nations agree to intensify cooperation in the digital sector, Indonesian Foreign Affairs Minister Retno Marsudi stated.

"Different from last years meeting that focused on the Industrial Park in Kendal District, Central Java Province, the two leaders this year highlighted the importance of maintaining collaboration in the field of digital economy. The two countries had earlier launched a coding competition aimed at showcasing the young talent in this field," Marsudi noted in a recorded statement released by the ministry in Jakarta, Friday.

In order to improve the welfare of the people, President Joko Widodo (Jokowi) and Prime Minister Lee Hsien Loong believed that further cooperation should promote the inclusivity principle, mainly in the economic sector.

In her remarks following the two leaders discussion, the minister noted that the online business in Indonesia is forecast to generate some US$130 billion.

"The president (of Indonesia) has presented our plan to create one thousand technopreneurs in 2019 and to continue to develop digital talent, including start-ups. Indonesia has designated Batam Island (in Riau Islands Province) as a hub for the digital economy sector. We are now developing the Nongsa Digital Parks in the island as well as an incubator block," Marsudi noted.

Apart from the digital economy, the president and the prime minister also focused on other issues, including those related to investment, tourism, and energy.

"Singapore continues to double its investment, from $5.9 billion in 2015, to $9.2 billion in 2016," she remarked, adding that President Jokowi had informed his Singaporean counterpart about three rating agencies having improved Indonesias credit status to a low-risk "investment-grade."

During the leaders talks held on Thursday in Singapore, Jokowi and Loong agreed to renew the bilateral investment treaty (BIT) that had expired this year.

"As the old BIT had ended, the two leaders conceded to re-negotiating a new agreement," Marsudi stated while adding that Singapore has improved the status of its two representative offices to honorary consulates in Medan, North Sumatra Province, and Batam Island.

The minister noted that during the meeting, state-owned electricity company PT Perusahaan Listrik Negara (PLN) and Singapores Keppel O&M, Pavilion, had also inked an agreement in the energy development sector.

Earlier on Wednesday, President Jokowi had arrived in Singapore for a two-day visit to commemorate the 50th anniversary of the establishment of diplomatic relations between the two countries that was themed "RISING50.

Source: ANTARA