SINGAPORE - The Singapore Business Federation (SBF), in partnership with a group of enterprises will be leading a five-day business mission to Semarang and Yogyakarta.
The SBF is leading the mission in partnership with the Association of Small and Medium Enterprises, Singapore Manufacturing Federation and Sembcorp.
The delegation consists of 19 members. Participating organisations include an industrial park developer, a food and beverage manufacturer, a furniture design company, a trader and manufacturer, and a power supply systems company. A construction equipment supplier and a waste material trader and supplier are also part of the delegation.
The developing sectors in Semarang include furniture, garment, food and beverage and manufacturing, said SBF in a statement. Yogyakarta's growth industries include education, fine arts, culture, tourism and knowledge-based business sectors such as research, IT, bio-engineering, robotics and business analytics, it said.
Both Semarang and Yogyakarta are well known for quality educational and training institutions that provide a stable and growing pool of educated graduates and professionals, SBF noted.
The mission will provide participants opportunities to network with potential business partners, key Indonesian economic government agencies and other Singapore enterprises operating in Indonesia.
Indonesia, as the largest economy in the Asean Economic Community, offers numerous business opportunities, said SBF. Bilateral trade between the two countries have been increasing in the last decade, with Singapore ranked among Indonesia's top five investors since 2001.
Singapore and Indonesia's total trade figure stands at S$72.4 billion in 2014. In 2014, Singapore was Indonesia's top foreign investor, with total investments amounting to US$5.8 billion, a 25 per cent increase from 2013.
Chief executive officer Ho Meng Kit said, "Although Indonesia has to deal with many challenges typical of a developing economy, it is a promising market for Singapore companies due to its large consumer base and rising affluent middle-class."