Boosting Indonesian SMEs & SG Firms at TEI 2024 (PR)

The Ambassador of the Republic of Indonesia to
Singapore, H.E Suryo Pratomo; Vice Minister of Trade of the Republic of
Indonesia, Dr Jerry Sambuaga; and CEO of Singapore Manufacturing Federation (SMF), Mr. Dennis Mark, officially opened the forum, expressed support for strengthening
trade relations between the two nations. In addition to presenting Indonesia’s
economic outlook for the past five years and future projections, they emphasised
the importance of cross-border collaboration in expanding Indonesian SME
markets and supporting the entry of Singaporean businesses into Indonesia. The
event was hosted by Yulia Saksen, while Edmund Ong, CEO of BridgifyAsia,
moderated the panel discussion.

In addition to
Kimming Yap, other key figures participated in the panel, including
Jarius Draslaric, Chairman of the Lifestyle Industry Group (SMF), who discussed
the importance of innovation and adaptation in the lifestyle industry for local
products to compete internationally. Shoeb Kagda, Chairman of SingCham
Indonesia, highlighted the bilateral trade opportunities and synergies between
businesses from both countries. Christie Lumban Gaol, Vice President of
Corporate Banking at Bank Mandiri, also participated, discussing the role of
banking in supporting SME growth through financing and financial
infrastructure.

During the
discussion, Kimming Yap highlighted the enormous potential of Indonesian SMEs
to thrive in the Singaporean market but stressed that the biggest challenge
they face lies in branding and packaging. “While many Indonesian products
are of high quality and ready to compete, they still need improvements in
packaging and branding to be accepted in international markets,” said
Kimming Yap. Therefore, implementing the right branding strategies is crucial
for Indonesian SMEs to compete on the global stage.

Furthermore,
Kimming also discussed the vast opportunities for Singaporean companies in
Indonesia’s rapidly growing market. “With strategic cooperation and
understanding of local consumer behaviour, Singaporean businesses can take advantage
of the opportunities to expand their markets in Indonesia,” he explained.
He also emphasised the importance of partnerships to address logistical and
supply chain challenges often faced by local companies in both countries.

The forum was
attended by stakeholders and business leaders from Indonesia and Singapore, who
together explored opportunities to strengthen trade, build dynamic
collaboration platforms, and facilitate dialogue between the two nations, which
have shared diplomatic relations for 57 years. According to the latest data,
bilateral trade has reached USD 31 billion, with USD 15.4 billion in direct
investment from Singapore to Indonesia.

This strategic
collaboration is expected to not only open up new market access but also
increase the exposure of local products, making them more recognised on the
international stage. The innovation mirrors the collaboration between
Creativeans and BridgifyAsia, where the two work together to help Singaporean
companies access the Indonesian market and vice versa. This partnership
provides logistical ease, increased product exposure, and effective branding
strategy planning for both parties.

Creativeans is
an award-winning brand consultancy and venture studio that has collaborated
with global companies based in Singapore, Jakarta, and Milan. With years of
experience in international marketing, Creativeans remains committed to adding
value to companies in Indonesia and Singapore, supporting their business growth
to go international.