SBF leads Business Mission to Indonesia
- Delegates to explore business opportunities in Semarang and Yogyakarta
This mission is supported by IE Singapore, Indonesia Investment Coordinating Board or BKPM, and the Embassy of the Republic of Indonesia in Singapore.
Indonesia as the largest economy in the ASEAN Economic Community, offers numerous business opportunities given its large population, vast market size, growing young labour force and rising middle-class. Bilateral trade between the two countries has been increasing in the last decade with Singapore ranked amongst Indonesia’s top five investors since 2001. Singapore and Indonesia’s total trade figure stands at S$72.4 billion in 2014. Indonesia was ranked Singapore’s 4th largest trading partner, while Singapore was Indonesia’s top foreign investor, with total investments amounting to US$5.8 billion, a 25% increase from 2013 .
Both Semarang and Yogyakarta are well-known for quality educational and training institutions which provide a stable and growing pool of educated graduates and professionals. The developing sectors in Semarang include furniture, garment, food and beverage and manufacturing. Yogyakarta’s growth industries are education, fine arts, culture, tourism and knowledge-based business sectors such as research, IT, bio-engineering, robotics and business analytics, amongst others. The mission will provide participants opportunities to network with potential business partners, key Indonesian economic government agencies and other Singapore enterprises operating in Indonesia.
Mr Ho Meng Kit, Chief Executive Officer of SBF said, “In SBF’s recent National Business Survey, Indonesia remains one of top three Asian markets for overseas ventures. Although Indonesia has to deal with many challenges typical of a developing economy, it is a promising market for Singapore companies due its large consumer base and a rising affluent middle-class. Companies that are keen to internationalise should consider Indonesia as a potential market. We hope the participating companies will stand to gain from this mission trip.”