Jakarta (ANTARA News) - The governments of Indonesia and Singapore will carry out the Indonesia-Singapore Annual Leaders Retreat in Nusa Dua, Bali, on Oct 11, a Ministry of Foreign Affairs spokesperson has said.
The statement was made by Arrmanatha Nasir, who is spokesperson for the Indonesian Ministry of Foreign Affairs, in a press conference in Jakarta, on Thursday.
The annual meeting between leaders from both countries will be held in between the activities in the 2018 General Meeting of the International Monetary Fund and World Bank Group.
"On the morning of Oct 11, there will be a Leaders Retreat between Indonesia and Singapore. Both countries have close economic cooperation. Singapore is the biggest investor in Indonesia," Denny Abdi, who is Director of the South East Asia region in the Ministry of Foreign Affairs, stated.
In the meeting, he continued, the governments of both countries will further push the strengthening of economic partnership, especially in the investment sector.
"We also encourage cooperation in the investment sector between Indonesia and Singapore. During the Retreat, a Memorandum of Understanding (MoU) on the promotion of investment protection between Indonesia and Singapore will be signed in front of state leaders," he added.
The agreement that is scheduled to be signed, he continued, is the first bilateral investment treaty that Indonesia will sign with one of its friendly countries.
"It is hoped that this will be the model for the strengthening of investment cooperation between Indonesia and other friendly countries in the future," he revealed.
Furthermore, in the meeting, the governments of Indonesia and Singapore will also sign seven other MoUs, including on the Cultural Cooperation Program for 2019-2020, Cooperation in Arts and Heritage, Cooperation in Financial Technology, Instruments for Expansion of the MoU on Maritime Human Resource Development Cooperation, Cooperation for Development and Implementation of Industry 4.0, Financial Technology Learning Programs for Higher Education, and MoU on Tourism Cooperation between Pelindo III and Star Cruise.
Source: ANTARA News