Indonesia and Singapore will sign an agreement on special economic zone covering Batam and Bintan islands later this month in an effort to boost bilateral trade and investment.

Visiting Singapore Foreign Minister George Yeoh told reporters in Jakarta that the agreement draft had been completed.

The new agreement will "revitalize and expand" all existing trade and investment agreements in Batam and Bintan, located only 20 km from Singapore, Yeoh told a news conference after a meeting with Indonesian Vice President Jusuf Kalla here.

Both countries also agreed to establish a joint commission overseeing the special economic zones with Kalla representing Indonesia and Senior Minister, former Singapore premier Goh Chok Tong leading the other side, said Yeoh.

He added that Singapore has requested Indonesia to streamline investment procedures and improve industrial relationship on the two islands to allow bigger investment flow from the city state.

Source: Xinhua