Singapore. The #SellSingapore and #SellIndonesia campaigns that recently took social media by storm are not an accurate reflection of bilateral ties, according to a senior official from the city-state.

Indonesia has been seeing a sharp sell-off in its assets, following record-low rupiahs and tumbling stocks. Veteran investor George Boubouras even coined the term, which was further amplified by Singaporean media coverage. In a show of nationalism, some Indonesian social media users retaliated by trending the #SellSingapore hashtag, claiming that the island nation had benefited from Jakarta’s economic failures. 

Speaking to Indonesian journalists, Zhulkarnain Abdul Rahim, Singapore’s minister of state for foreign affairs, denied that the online sentiments had soured the mood bilaterally.

“Actions speak louder than words. Both Singapore and Indonesian leaders have always shown through their actions that we continue to be very strategic and close partners,” Zhulkarnain recently told a press briefing in his office.

He raised the possibility of “bots” being culpable for the online hate, while doubting that whatever is going online reflects the “true sentiments” of the people.

“You don’t forsake a friend just because somebody says something to you about that friend. We don’t react by virtue of sentiments. We react, or act actually, on strategic long-term solutions,” Zhulkarnain said.

The politician pointed out Singapore’s uncontested lead in the rankings for Indonesia’s foreign direct investment sources. Latest government data showed that Singapore also stayed in first place, putting around $8.8 billion in the first half of 2026. The neighbors also prefer to talk problems that may arise "openly".

President Prabowo Subianto, too, had made a similar comment, saying that Jakarta and Singapore would “resolve any misunderstandings and misperceptions as friends”.

#SellSingapore and One-Gate Export

The #SellSingapore trend flared up after a clip of its deputy prime minister Gan Kim Yong commenting on Indonesia’s single-gate export policy went viral last month.

Indonesia is now centralizing all exports of palm oil, coal, and ferroalloys under state control to prevent illicit trade practices that have cost Jakarta $908 billion over the past three decades. 

Asked by the Jakarta Globe on how the country views the export shake-up, Gan, who was visiting last month, replied that his government would consult with Indonesia to ensure uninterrupted flows of goods.

It was also not long after Finance Minister Purbaya Yudhi Sadewa revealed that the under-invoicing and transfer pricing practices in the palm oil trade allegedly involved shipments routed through Singaporean trading firms. 

Gan Siow Huang, Singapore’s minister of state for trade, told a separate briefing that her government would keep an eye on Jakarta's new trade regime.

“Singapore continues to have confidence in the Indonesian market and economy in the long term,” she said.

“In the last 12 months to 24 months, the rupiah depreciation and some of the investors' comments may not have been very helpful, but the Singapore government continues to be very positive.”

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