Singapore, Indonesia to establish trade council to boost networking

Lee suggested that the council, to comprise business leaders from both countries, could be co-chaired by Singapore’s Economic Development Board (EDB) and Indonesia’s Investment Coordinating Board (BKPM).
The Singaporean leader also thanked Indonesia for thwarting a rocket-attack plot by militants on the island of Batam that was targeted at Singapore’s Marina Bay. 
In addition, he acknowledged Indonesia’s efforts in combating the chronic haze problem, which had “made a difference this year”. He also offered Singapore’s help to deal with the problem, which “affects all the countries in Southeast Asia”.
Widodo told reporters that it was a productive meeting with Lee and the Singaporean delegation, where aside from economic collaboration, they also discussed the issues of terrorism and disputes in the South China Sea.
He agreed that the two countries would continue with their economic cooperation and welcomed the signing of a new tourism agreement between Singapore’s Ministry of Trade and Industry and Indonesia’s Tourism Ministry. 
The two countries will cooperate in the cruise industry, joint marketing and promotion, and meetings, incentives, conventions and exhibitions. 
It was one of four memoranda of understanding signed between the two countries yesterday. The other agreements cover plans jointly to build capabilities in the digital economy, hospitality and tourism, and a smart-city development in Makassar by trade agency IE Singapore. These will expand on the long-standing and strong economic ties between Singapore and Indonesia.
The retreat, which followed Widodo’s state visit to Singapore |in July last year, was in keeping |with a long-held tradition of |leaders from the two close neighbours meeting informally each year to boost ties.
Lee and Widodo, better known as Jokowi, began the retreat with a face-to-face meeting before the high-powered delegations from Singapore and Indonesia gathered for discussions.
The delegation meetings centred on economic collaborations between the two close neighbours, as well as ways to cooperate on counter-terrorism, capability development and tourism.
A highlight of the retreat was to be the inauguration of the Kendal Industrial Park by the two leaders yesterday afternoon.

New trend
The project, which will be renamed Park by the Bay, is a joint venture in Semarang, Java, between Sembcorp Development and Indonesian developer Jababeka, and marks a new trend of Singaporean companies venturing beyond places like Jakarta and Batam. 
Yesterday morning, Lee and his entourage were met by the Indonesian president and First Lady Iriana at the former residence of the Central Java governor, which is now used as a ceremonial hall. It was built in 1761 by the Dutch and the guests who had visited the place included Sir Stamford Raffles, founder of modern Singapore.
Accompanying Lee were his wife Ho Ching and nine political office-holders, including Deputy Prime Minister and Coordinating Minister for National Security Teo Chee Hean and the ministers for trade and industry, defence, foreign affairs and education, among others. 
Singapore was Indonesia’s top foreign investor last year, and is on course to maintain that position for this year, after recording US$7.1 billion (Bt250 billion) in investments in just the first nine months of this year.
Observers expect the close economic cooperation to continue despite periodic tensions over issues such as trans-boundary haze, airspace management and, more recently, Indonesia’s tax amnesty.
The two countries first established diplomatic relations in 1967. The delegation from Singapore and Indonesia are also expected to discuss how they will mark 50 years of bilateral relations next year.