Minister of Industry Airlangga Hartarto invited Singapore investors to invest more in the Kendal Industrial Park (KIP) in Central Java. President Joko Widodo and Prime Minister Lee Hsien Loong, had in August 2016 inaugurated the joint investing project in KIP, becoming alternative industrial complex for firms in Indonesia.
The first integrated industrial area is projected to absorb the potential investment of Rp200 trillion. In the first phase, the area to be cultivated is 1,000 hectares with a target of 300 tenants and absorbing 500,000 workers by 2025.
Indonesia and Singapore agreed to strengthen cooperation in the field of vocational education, especially to fill the needs in the industrial sector.
In the first half (H1) of 2018, Singapore’s investment in Indonesia was recorded at US$5.04 billion, up 38% over the same period last year. In 2017, Singapore’s investment reached $8.44 billion.