27 April 2023
On 16 March 2023, the Singapore Ministry of Trade and Industry (“MTI”) announced the signing of several Memoranda of Understanding relating to renewable energy and the digital economy between Singapore and Indonesia at a recent Leaders’ Retreat.
Pursuant to the Memorandum of Understanding on Renewal Energy, both countries agree to facilitate investments in the development of renewable energy manufacturing industries, such as solar photovoltaics (PV) and battery energy storage systems (BESS) in Indonesia, and cross-border electricity trading projects between Indonesia and Singapore.
The Memorandum of Understanding on the Singapore-Indonesia Tech:X Programme was also signed at the Leaders’ Retreat. This Memorandum will establish the Tech:X Programme, which enables young tech professionals from Singapore and Indonesia to work in each other’s countries, deepen linkages between Singapore and Indonesia’s tech ecosystems, and allow these professionals to pursue growing opportunities in the digital economy.
Nine partnership documents between Singapore and Indonesia companies were also concluded at the sidelines of the Leaders’ Retreat. The partnerships are in the digital economy, including in healthtech and edtech. More information on each of the partnership documents is available in Annex C of the MTI press release.