Indonesia, Singapore discuss strengthening economic cooperation

JAKARTA (ANTARA) — Vice President Ma’ruf Amin and Singapore Deputy Prime Minister Lawrence Wong spoke on strengthening economic cooperation between the two countries at a meeting in Singapore’s Parliament on Tuesday.

“This economic partnership needs to be further improved,” Amin said, stressing that Singapore is the largest foreign investor in Indonesia with $6.7 billion in investments (as of June 2022).

Indonesia’s total trade with Singapore increased by 36 percent in August 2022 compared to the same period last year, he noted.

During the meeting, Amin said that the Sharia economy has great potential to strengthen the economies of both countries. According to him, Sharia economics can help restore the economy in the face of the looming recession, especially given the economic performance during the COVID-19 pandemic.

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“Shariah transactions use a profit-sharing business model that provides a sense of security. It’s affordable waqf, and its potential to become a productive asset. We must develop this economic potential together,” he said.

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In addition, the vice-president pointed out that the demand for Muslim tourism and halal products is increasing in many countries. Because of this, he said Singapore is highly expected as a neighboring country and a hub for tourists entering Indonesia to strengthen this cooperation.

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“I look forward to strengthening Indonesia-Singapore cooperation to promote the advancement of Muslim tourism,” he said.

Meanwhile, DPM Wong expressed its appreciation for the well-established cooperation and welcomed future cooperation plans.

“I believe that Indonesia-Singapore cooperation will become stronger,” he noted.

At the meeting, VP Amin was accompanied by Foreign Minister Retno LP Marsudi; the Indonesian Ambassador to Singapore, Suryo Pratomo; Head of the Vice-President’s Secretariat, Ahmad Erani Yustika; and special staff to Vice President Masduki Baidlowi.

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Meanwhile, Singapore’s Director General for Southeast Asia, Catherine Wong; DPM Chief Private Secretary, Joshua Lo; Associate Director Terrence Teo; and Country Representative Andrew Leung also attended the meeting.

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