[Indonesia-Singapore Business Forum 2024] Beyond the Ballot: Shaping the Future of Business and Investment in Indonesia

March 28, 2024

The Embassy of the Republic of Indonesia in Singapore, in collaboration with the Indonesia Investment Promotion Center (IIPC) Singapore, hosted a pivotal business forum themed "Beyond the Ballot: Shaping the Future of Business and Investment in Indonesia" on March 27, 2024 at Hilton Orchard Hotel, Singapore. This event, fully supported by prominent organizations such as OUE, UOB, Mandala Consulting, and various Chambers of Commerce, including the Singapore Business Federation (SBF), Singapore Chinese Chamber of Commerce and Industry (SCCCI), Singapore Manufacturing Federation (SMF), and Singapore International Chamber of Commerce (SICC), brought together key stakeholders from diverse sectors. Media partners The Straits Times and Channel News Asia provided extensive coverage.

Strategic Timing Post-Election

The forum's timing is particularly significant, taking place immediately after the General Election Commission (KPU) of Indonesia announced the results of the 2024 Presidential Election vote count. This has provided a unique opportunity for Singapore-based entrepreneurs and investors to understand and anticipate the future direction of Indonesia's economic policies.

Forum Objectives

The forum aimed to:

  • Provide Political Updates: Offering insights into the latest political developments in Indonesia.
  • Discuss Vision Programs and Policy Direction: Analyzing their potential impact on business and investment landscapes.
  • Create a Networking Platform: Allowing stakeholders to share insights and concerns with future policymakers.
  • Showcase Economic Resilience: Highlighting Indonesia's vision for growth and stability to boost market confidence.

High-Profile Attendance

The event attracted 400 participants from the business community, government, think tanks, banking, and diplomatic circles. Notable attendees included the Coordinating Minister for Economic Affairs of the Republic of Indonesia, Airlangga Hartarto, and the Minister for Trade and Industry of Singapore, Gan Kim Yong. Both ministers emphasized the importance of strong bilateral relations and future cooperation between Indonesia and Singapore in their speeches.

Insightful Agenda

Opening Remarks:

  • H.E. Suryo Pratomo, Ambassador of Indonesia to Singapore
  • Mr. Gan Kim Yong, Minister for Trade and Industry of Singapore
  • Mr. Airlangga Hartarto, Coordinating Minister for Economic Affairs of Indonesia

Session I: Economic Landscape and Policy Direction in the New Administration Era

  • Mr. Drajad Hari Wibowo, Expert Council of Prabowo-Gibran Team
  • Mr. Muhammad Lutfi, Minister for Trade of Indonesia 2020-2022
  • Mr. Jimmy Koh, Managing Director, Networking Partnership and Strategic Marketing, Group Foreign Direct Investment Advisory of UOB
  • Dr. Phillips J. Vermonte, Senior Fellow CSIS

Session II: Fireside Chat: Nusantara’s Capital Development Progress & Commitment to Sustainability Development

  • Mr. Bambang Susantono, Head of the Nusantara Capital Authority (OIKN) 

Session III: Investment Opportunities Under New Leadership

  • Mr. Thomas S. Oentoro, Chief Risk Officer, Indonesia Investment Authority (INA)
  • Ms. Eunice Koh, Assistant CEO of Enterprise Singapore

This entire event is moderated by Jaime Ho from The Strait Times and Dawn Tan from CNA

Boosting Bilateral Relations

The forum served as an effective platform for discussing how the new political landscape in Indonesia could influence economic policies and bilateral business opportunities. The insights shared at the event are expected to guide Singaporean investors and entrepreneurs in making informed decisions about their future engagements with Indonesia.

This successful forum underscored the mutual commitment to enhancing economic ties and fostering a stable and prosperous business environment in the region.


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