In line with an agreement signed by the two countries yesterday, young tech professionals from Singapore and Indonesia can work and gain experience in each other's tech industries.
Six new memorandums of understanding (MOUs) were signed at the Singapore-Indonesia Leaders' Retreat, including the Tech:X Programme. Energy, sustainability, health, and human capital development were all addressed in the agreements.
Singapore Prime Minister Lee Hsien Loong spoke about the progress of bilateral cooperation between the two countries in remarks following the signing of the MOUs.
He pointed to the ratification of the three agreements under the Expanded Framework, whose signing was witnessed by Lee and Indonesia’s President Joko Widodo at the previous retreat. Lee noted that both countries have “taken a major step forward to resolve three longstanding bilateral issues” and are “ready to break new ground in fresh areas of cooperation”.
According to Singapore's Ministry of Trade and Industry, the Tech:X programme will allow young tech professionals in Singapore and Indonesia to "pursue growing opportunities in each other's digital economies" (MTI).
According to MTI, the agreement with the Indonesian Coordinating Ministry of Economic Affairs will also "deepen linkages" between the two countries' tech ecosystems.
These Singapore and Indonesian professionals must be under the age of 30, and have a bachelor's degree or higher from one of the listed universities in both countries.
"Our tech cooperation will strengthen ASEAN collaboration in this emerging sector.
"This includes pursuing a Digital Economy Framework Agreement under Indonesia's ASEAN chairmanship," Lee explained.
Yesterday, the Singapore Ministry of Education and the Indonesian Ministry of Industry renewed their existing agreement on vocational education and training.
Furthermore, the Bilateral Financial Agreement between the central banks of both countries was renewed for the fourth consecutive year.
Since 2014, Singapore has been Indonesia's top foreign investor.
Singapore's total investment in Indonesia reached SGD17.5 billion last year (USD13 billion).
Singapore and Indonesia also signed nine business-to-business memorandums of understanding in areas such as the digital economy and healthcare.