JAKARTA: Indonesia hopes that the Bilateral Investment Treaty with Singapore could potentially boost two-way investment by between 18 per cent to 22 per cent over the next five years, said Foreign Minister Retno Marsudi on Tuesday .
“In this current difficult situation, the ratification of the BIT serves as an important economic boost to expedite economic recovery in our two countries. It could potentially enhance two-way investment ranging between 18 per cent to 22 per cent over the next five years," she said, adding that this would translate into around US$200 billion worth of investment per year in the region by 2030.
Minister for Trade and Industry giving his opening remarks on Oct 26, 2020 at the Singapore International Energy Week 2020. Mr Chan said that Singaporean companies have been among the first to invest in the Kendal Industrial Park in Indonesia’s Central Java province. Since the park opened in 2016, more than 60 companies have set up their operations in the special economic zone, pumping in US$1.73 billion worth of investment and creating 9,000 jobs.