Singapore is a highly significant country for Indonesia's economy. Data from Bank Indonesia shows that Indonesia's largest external debt originates from Singapore, amounting to US$53.98 billion (equivalent to Rp731 trillion), representing 15% of Indonesia's total external debt of US$352.9 billion.
Singapore is also the largest source of foreign investment in Indonesia. Based on data from the Indonesian Investment Coordinating Board (BKPM), Foreign Direct Investment (FDI) from Singapore reached US$8.44 billion (Rp114 trillion), approximately 26.2% of the total foreign investment in Indonesia, which amounted to Rp32.3 billion.
Furthermore, Singapore is a crucial trading partner for Indonesia. The Ministry of Trade recorded Indonesia-Singapore trade reaching US$29.65 billion (Rp401.8 trillion), approximately 10.5% of Indonesia's total trade with its partners. In addition, remittances from Indonesian workers (TKI) in Singapore reached US$327 million (Rp4.43 trillion), representing 3.2% of the total foreign exchange remittances from Indonesian workers abroad, which totaled US$8.8 billion.
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