JAKARTA-- Indonesia and Singapore have formally established the Indonesia-Singapore Business Council (ISBC) to strengthen business cooperation between both countries.

The Memorandum of Understanding (MOU) has been signed between the Singapore Economic Development Board (EDB) and Indonesia's Investment Coordinating Board (BKPM) in Jakarta on Friday.

The agreement was witnessed by Singapore's Trade and Industry (Trade) Minister Lim Hng Kiang, and Indonesia's Coordinating Minister for Economic Affairs Darmin Nasution.

The ISBC will be led by the BKPM and EDB, and supported by Indonesia's Chambers of Commerce and Industry (KADIN) and the Singapore Business Federation (SBF).

The idea of the business council was mooted during the Singapore-Indonesia Leader's Retreat in Semarang, Central Java last year.

Singapore's Ministry of Trade and Industry (MTI) said the Council will provide an overall framework to identify potential areas of cooperation between the business communities of Indonesia and Singapore.

It will also foster closer interaction and strengthen the networks between the private sectors of both countries, MTI added.

"It will cover a whole range of sectors, but for the beginning they want to focus (on) infrastructure, e-commerce, urban solutions. So, these are some of the sectors which has drawn a lot of interest from the business communities," said Lim to reporters during his visit to BLOCK71, an incubation facility in Central Jakarta.

The facility is the result of a partnership between NUS Enterprise, the entrepreneurial arm of the National University of Singapore and Salim Group, Indonesia's biggest conglomerate.

Source: NAM NEWS NETWORK