The interest of Singaporean companies in entering and expanding in Indonesia is growing, driven by the large market size and emerging sectors of Southeast Asia’s biggest economy. Enterprise Singapore supported over 300 Singaporean companies in 2023 in their expansion into Indonesia, a significant increase from the previous years, with around 200 companies in 2022 and 100 in 2021. These firms are diversifying into sectors such as health, industrial infrastructure, green economy, and digital economy. In 2023, Singaporean projects in Indonesia generated approximately USD111m in overseas sales. Bilateral trade between the countries hit USD69bn, and Singapore’s foreign direct investment in Indonesia increased by 15.8% to USD15.4bn. Indonesia recently regained its upper middle-income status.