In 2020, Singapore was ranked as the second easiest country in the world to set up a business. It only takes fifteen minutes for someone to register their company online in Singapore.
Hastin Dumadi, the Minister Counselor of the Department of Economics of the Indonesian Embassy in Singapore, conveyed this when he was a visiting lecturer at SBM ITB on 22 November 2022.
Due to his tight schedule, Hastin presented the guest lecture online and all students gathered in the auditorium and listened carefully to the lecture.
According to Hastin, with all the conveniences available, several reasons encourage someone to open a business in Singapore. Singapore is the world’s busiest shipping lane, connected to 600 world ports in more than 120 countries. Singapore is a trade center because of its good strategic position, reliable banking and finance, competent workforce, and openness to migration.
Indonesia has a good relationship with Singapore. One of the commitments is realized in strengthening cooperation between Indonesia and Singapore: Indonesia’s main economic, strategic partner countries in the trade and investment sector. This cooperative relationship is undoubtedly beneficial for Indonesia and Singapore.
“Indonesia has received many positive influences from the collaboration with Singapore,” said Hastin. “The quality of natural resources, price competition for local and imported products, and Indonesia’s export activities have increased.”
In terms of the economy, Indonesia is trying to make progress by promoting a green economy. Green Economy can be defined as economic activities that generate low carbon, save resources, and are socially inclusive.
“Developing a green economy is often in line with discussing green investment” said Hastin. Investments focusing on companies or investment prospects that are committed to natural resources and renewable energy.
“Indonesia needs to convert raw nickel into higher-end products, such as lithium batteries for electric cars,” he said. “This will be a move by the country that will ultimately lead to economic growth.”
Hastin reminded us that 2045 marks the 100th anniversary of Indonesia’s independence. The government seeks to make Indonesia a sovereign, advanced and prosperous nation. Indonesia has set a vision to become a developed country and one of the largest economies in the world, driven by investment and trade, tourism, and other sectors.