Indonesia - Singapore Bilateral Investment Treaty takes effect
Indonesia and Singapore on March 9 exchanged instruments of ratification to put into force their Bilateral Investment Treaty (BIT), which establishes rules on the treatment of investors and investments from both countries.
: Indonesia’s Minister for Foreign Affairs Retno Marsudi and Minister for Trade and Industry Chan Chun Sing jointly announce the entry into force of the Singapore-Indonesia Bilateral Investment Treaty at a virtual meeting (Photo: Singaporean Ministry of Industry and Trade)
Jakarta (VNA) – Indonesia and Singapore on March 9exchanged instruments of ratification to put into force their BilateralInvestment Treaty (BIT), which establishes rules on the treatment of investorsand investments from both countries.
Indonesian Foreign Minister Retno Marsudi stated the treaty couldpotentially boost two-way investment by between 18 percent to 22 percent overthe next five years.
The pact would also serve as an important step for thenations to expedite economic recovery after COVID-19, she added.
To Indonesia, the BIT, first signed in October 2018, was thefirst of its kind to take effect after years of review by the Government.
According to the Indonesian Investment Coordinating Board,Singapore was Indonesia’s largest foreign investor in 2020, with totalinvestment of 9.8 billion USD, which represented a significant increase fromthe 6.5 billion USD of 2019.
Data from the Singaporean Ministry of Industry and Tradeshowed that Indonesia remained one of Singapore’s top ten trading partners lastyear, with bilateral trade reaching 48.8 billion SGD (32.2 billion USD)./.
Indonesia and Singapore have agreed to speed up the finalisation of the bilateral trade agreement, said the two countries’ ministers in the latest statement.
Indonesia and Singapore have reached many important agreements, including a deal on avoiding double taxation, during the on-going visit to Indonesia by Singaporean President Halimah Yacob.
Indonesia and Singapore currently dominate the venture capital (VC) fundraising in Southeast Asia, despite a slower pace of capital raising in the first quarter this year.
Indonesia and Singapore have agreed to enhance economic cooperation, including in digital technology investment, to speed up economic recovery in the two countries which have been impacted by the COVID-19 pandemic.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
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Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Talking to the Vietnam News Agency on the occasion of the 100th anniversary of the Vietnam’s Revolutionary Press Day (June 21, 1925–2025), Nikulina, who is also a veteran journalist of Russia’s Sputnik News, emphasised the vital role of mainstream journalism in defending the truth and maintaining public trust.
The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
The World Bank will provide a 2.1 billion USD financing package for Indonesia, focusing oncreating jobs, stimulating economic growth, and enhancing access to clean energy across the country.
Member states also reviewed progress on six priority areas for 2025, including the development of an underground cable framework, the follow-up agreement to the ASEAN Petroleum Security Agreement (APSA), the launch of the ASEAN Energy Efficiency Database, and the rollout of an investment platform for sustainable building initiatives.
In March, Thai Prime Minister Paetongtarn Shinawatra met with Formula 1 chief Stefano Domenicali and said Thailand would commission a feasibility study into hosting a Grand Prix on a Bangkok street circuit from 2028.
The proposed giant sea wall aligns with bilateral cooperation and has been designated a national priority, considering that several regions in Indonesia are experiencing land subsidence of 10–15 centimetres per year.
International flights were cancelled including Jetstar and Virgin Australia flights to cities across Australia, and flights of Air India, Air New Zealand, Singapore's TigerAir and China's Juneyao Airlines.
The partnership aims to strengthen collaboration in the exploration and exploitation of mineral resources, including gold, copper, and manganese, as well as in the development of steel, aluminum, and renewable energy industries.
: Indonesia’s Minister for Foreign Affairs Retno Marsudi and Minister for Trade and Industry Chan Chun Sing jointly announce the entry into force of the Singapore-Indonesia Bilateral Investment Treaty at a virtual meeting (Photo: Singaporean Ministry of Industry and Trade) 
