Sunday August 6, 3:55 PM
Indonesian leader in Singapore to drum up investments

Indonesia's President Susilo Bambang Yudhoyono has said his government was working hard to improve his country's business climate as he sought to drum up more investment from Singapore.

He said is "task and obligation" was to build a better climate for doing business in Indonesia, where rampant corruption is often cited as a main deterrent for much-needed foreign investment.

"We are very serious in improving many things," he told a luncheon for business leaders during his two-day visit.

"We offer several opportunities to our partners here in Singapore from infrastructure development, power... and other infrastructure projects," he said.

Yudhoyono was expected to meet with Prime Minister Lee Hsien Loong and the city-state's founding father, Lee Kuan Yew.

Earlier Yudhoyono met with leading Singapore businessmen, an official from the Indonesian embassy said.

Singapore was Indonesia's third biggest trading partner in 2005 and the largest investor in the country with investments worth 3.9 billion US dollars, according to the city-state's ministry of trade and industry said.

Two-way trade totalled 54.2 billion Singapore dollars (33.9 billion US) in 2005, up 11.5 percent from the previous year.

The two countries enjoy strong economic relations. In June, the neighbours agreed to work together to set up special economic zones on three Indonesian islands aimed at revitalising investor interest.
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Jawawa.net: Indonesian Business and Investment News Aggregator