Singapore and Indonesia join forces to develop human capital

Singapore’s Minister for Trade and Industry and Indonesia’s Coordinating Minister for Economic Affairs have furthered regional cooperation between the two economies. One of these areas is in human capital development.

Bilateral ties are expected to be strengthened on investment treaties, the avoidance of double taxation and the development of industrial parks and vocational training.

At the meeting, both ministers welcomed the progress on economic collaboration and co-signed a joint report outlining these initiatives while highlighting achievements and progress.

The report comes ahead of a meeting of Singapore’s Prime Minister Lee Hsien Loong and Indonesian President Joko Widodo next month.

Singapore and Indonesia already share close trade and investment ties, with bilateral trade amounting to $65 billion in 2018, a 9.4 % increase from the year before. Singapore has been Indonesia’s top investor for the last five years.