Good progress has been made between Singapore and Indonesia, said the Ministry of Trade and Industry (MTI) on Feb 11.

This was highlighted at the 4th Singapore-Indonesia Six Bilateral Economic Working Groups Ministerial Meeting, which encourages bilateral economic cooperation between the two countries.

The meeting was co-chaired by Trade and Industry Minister Lim Hng Kiang and Mr Hatta Rajasa, Indonesia's Coordinating Minister for Economic Affairs.

During the meeting, the progress made across the six groups was noted by both countries.

Co-operation in the islands of Batam, Bintan and Karimun and other special economic zones; investments, air connectivity, tourism, manpower and agri-business make up the six groups.

MTI said in a statement that the meeting "underscored the strong economic relations between Singapore and Indonesia and the mutual interest to strengthen economic collaboration."

Bilateral trade between the two countries was $74.8 billion last year, making Indonesia Singapore's second largest trading partner among Asean member countries.

Singapore was also Indonesia's second largest foreign investor last year, while Singapore's top source of tourists came from Indonesia in 2012.