Jakarta. Singapore’s investment firm Temasek Holdings has bagged the first-ever Adinata award for strengthening Indonesia-Singapore relations, with its long-term investments, among others.

‘Adinata’ derives from the Sanskrit word for ‘excellent. The Indonesian Embassy in Singapore presents the award to individuals or institutions in Singapore in recognition of their outstanding contributions in bolstering bilateral ties.

“[The awarding considers] Temasek’s track records, as well as its portfolio companies who have been involved in tying our two nations together through their continuous and long-term investments in Indonesia,” Indonesian Ambassador to Singapore Suryopratomo said at the virtual awarding ceremony on Thursday.

In Indonesia, Temasek has made investments into the online marketplace Tokopedia and health tech startup Halodoc, to name a few.  Temasek’s energy and urban development firm Sembcorp has also become Indonesia’s longstanding investment partner since 1990. But the Adinata award sees beyond Temasek's investment numbers, according to Suryopratomo.

Temasek has assisted Indonesia's fight against the Covid-19 pandemic by donating oxygenators and other medical equipment. Suryopratomo also applauded Temasek for supporting Indonesia through capacity-building, education programs, and training.

“Temasek has proven that Singapore is one of those loyal friends who offers its hands in such uncertain times to stay united and work together, jointly dealing with common challenges,” Suryopratomo said.

Receiving the award in person was Temasek International executive director and chief executive officer, Dilhan Pillay.

"This reaffirms our close partnership with Indonesia. We will continue to work with you, both as an investor, but more importantly as a friend," Dilhan said.

According to Dilhan, Indonesia's digital economy holds great promise thanks to its large population with growing income and a rapidly developing digital ecosystem. In a recent report, Temasek and Google, and Bain & Company projected Indonesia's digital economy to triple to $124 billion by 2025.

And on Covid-19, Temasek Foundation —together with a group of donors from Indonesia and Singapore— has provided more than 12,000 oxygenators to Indonesia. More diagnostics, oxygenators, and personal protective equipment will make their way to Indonesia in the coming months.

"Temasek's ties with Indonesia go beyond business partnerships. Ours is a deep friendship based on mutual respect, shared purpose of growing together, and helping each other especially in times of difficulty," Dilhan said.

Singapore remains Indonesia’s top investor since 2014. Government data showed Singapore’s investment reached $4.7 billion with 5,226 projects in the first semester of 2021.