Singapore has also shown interest in investing in infrastructure facilities in several areas, including Borobudur Temple in Central Java, Lake Toba in North Sumatra, and Mandalika in West Nusa Tenggara, which are part of the so-called Ten New Balis, or the 10 new priority tourist destinations in Indonesia.

Singapore is also Indonesia’s fifth-largest trade partner, after China, the United States, Japan and India.

Indonesia and Singapore have enjoyed a close partnership in multiple sectors, including economics and tourism. In 2015, bilateral trade between the two countries amounted to more than $58 billion. That same year, the two countries were each other’s top sources of international tourists.

Ngurah Swajaya, Indonesia’s ambassador to Singapore, said fostering better cooperation between the two countries is key to facing new challenges in a rapidly changing world as they celebrate 50 years of diplomatic ties this year.

The Indonesia-Singapore Business Council is expected to be launched this month. The council will serve as a platform to better exchange information and promote closer cooperation between the two countries. The first meeting is scheduled to take place in September, followed by a business forum.