Friday, February 23, 2024
Friday, February 23, 2024
Home » Govt Looking to Secure Singaporean Investment in Green Businesses

Govt Looking to Secure Singaporean Investment in Green Businesses

by Josh Saunders
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Jakarta (ANTARA) – Indonesia’s Investment Ministry/Investment Coordinating Board (BKPM) is focusing on attracting foreign direct investment (FDI), especially from Singapore, into sustainable or green businesses.

Considering that Singapore is leading in green investment in Southeast Asia, there is high potential of its investing in Indonesia’s sustainable businesses, BKPM’s Deputy for Investment Promotion Nurul Ichwan said here on Friday.

“Their ecosystem is not only in the real sector; in fact, they are preparing to play a role (in investment). They are interested in entering Indonesia if the opportunities are there,” he added.

He explained that as per BKPM data, the realization of Singapore’s investment in Indonesia has been increasing every year. In 2021, Singapore’s total investment realization in Indonesia was 9.3 billion US dollars.

In 2022, that figure rose to US$13.2 billion and, as of the third quarter of 2023, it was recorded at US$12.1 billion.

Further, Singapore invested US$6 billion in Indonesia’s new and renewable energy (EBT) businesses in the 2018–September 2023 period.

He said he is optimistic that the figure will continue to grow until the end of December 2023, in keeping with the concentration of business and investment, which has begun to shift toward the principle of sustainability.

Furthermore, he pointed out that Singapore has the latest technology in the field of EBT, but it does not have enough land to develop solar panel plants.

“Indonesia, as its close neighboring country, has the potential to meet (the need for land) by building solar farming in Indonesia, and the green electricity can be exported to Singapore,” he said.

To boost Singaporean investment, Indonesia will expand its business activities by building industrial estates in Batam and East Java. 

Source : ANTARANEWS

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