JAKARTA - Furniture-maker Scanteak Singapore booked a multi-million dollar deal on the first day of Indonesia's largest trade fair, which kicked off on Wednesday (Oct 12).
The firm, founded by Singapore entrepreneur Lim Pok Chin in 1974, inked a US$2.4 million (S$3.3 million) pact with Java-based firms Jawi Antik Indonesia and CV Roda Jati, said the Indonesian Embassy in Singapore in a statement on Thursday.
"We hope several more commercial transactions with Singapore participants will take place until the last day," the statement said.
The total transactions on the first day reached US$ 97.27 million, Tempo reported. “This is really promising. This shows that other than their interests, Indonesian products can actually compete in the global market,” Minister of Trade Enggartiasto Lukita said on Thursday (Oct 13).
The Indonesian government is aiming to match 1,100 Indonesian traders with 14,700 potential international buyers and book US$800 million in transactions during the event, held to help boost the country's export trade
According to the statement, the Indonesian Embassy in Singapore had brought in 63 Singapore entrepreneurs from a variety of sectors, including food and beverage, textile and garment, furniture, and spices, as well as manufacturing, for the TEI.
"The attendance of the 63 buyers are expected to boost the export of Indonesian products to Singapore, which is a major commitment of the Indonesian Ambassador to Singapore, (I Gede) Ngurah Swajaya, as part of Indonesia's economic diplomacy, while taking advantage of Asean markets via Singapore," it said.
Three Singapore-based companies received the Primaduta Award for their contribution towards raising national exports. They include Scanteak, spice and herbs firm Nomanbhoy and plywood and building materials firm S.A. Shahab.
Singapore was Indonesia's largest foreign investor in 2015, with direct investments reaching US$5.9 billion last year, followed by Malaysia (US$3.1 billion), Japan (US$2.9 billion), the Netherlands (US$1.3 billion) and South Korea (US$1.2 billion), according to Indonesia's Investment Coordinating Board (BKPM).
Besides the BKPM, the TEI is supported by Indonesia's Foreign Affairs Ministry, the Cooperatives and Small and Medium Enterprises Ministry, the Indonesian Chamber of Commerce and Industry (Kadin) and the Creative Economic Agency (Bekraf).