Singapore and Indonesia have identified new opportunities to collaborate in areas such as infrastructure and human capital development, and the digital economy.
A joint report by the two countries will be submitted to Prime Minister Lee Hsien Loong and President Joko Widodo ahead of the Singapore-Indonesia Leaders' Retreat next month.
Minister for Trade and Industry Chan Chun Sing and Indonesia's Coordinating Minister for Economic Affairs Darmin Nasution discussed these areas of cooperation, which are in line with Mr Joko's priorities, when they met on Monday (Sept 16) in Jakarta, the Ministry of Trade and Industry said in a statement.
Mr Chan and Mr Darmin were co-chairmen of the 9th Singapore- Indonesia Six Bilateral Economic Working Groups Ministerial Meeting, an annual affair to discuss economic initiatives between the countries in the areas of investment, manpower, transport, agri-business, tourism, as well as Batam, Bintan and Karimun, and other special economic zones.
At the meeting, both ministers welcomed the progress on economic collaboration between Singapore and Indonesia, and co-signed a joint report outlining these initiatives and highlighting achievements and progress.
During his three-day visit to Jakarta, Mr Chan met Indonesia's Finance Minister Sri Mulyani Indrawati and Industry Minister Airlangga Hartarto.
They exchanged views on global economic developments and regional economic collaboration.
Mr Chan also discussed the progress of bilateral ties with his counterparts, on issues such as a bilateral investment treaty, the avoidance of double taxation, and the development of industrial parks and vocational training.
He also had meetings with former presidents Susilo Bambang Yudhoyono and Megawati Sukarnoputri, at which they reaffirmed Singapore and Indonesia's strong bilateral ties and the importance of regional cooperation within Asean.
In a Facebook post on Tuesday, Mr Chan said he conveyed condolences to Dr Yudhoyono on the recent deaths of his wife Ani Yudhoyono and mother Siti Habibah.
Mr Chan also met former coordinating minister for economic affairs and chairman of CT Corp Chairul Tanjung, former finance minister Chatib Basri, former Jakarta vice-governor Sandiaga Uno, and prominent Indonesian leaders in business, media and academia.
Singapore and Indonesia share close trade and investment ties, with bilateral trade amounting to $65 billion in 2018, a 9.4 per cent increase from the year before.
Singapore was also Indonesia's top investor for the last five years.