Indonesia to boost economy with $200 bln investment in 14 years

Indonesia to boost economy with $200 bln investment in 14 years

2011-04-18 20:03:20 GMT+7 (ICT)

BOGOR, INDONESIA (BNO NEWS) -- Indonesian President Susilo Bambang Yudhoyono on Monday announced that the country is planning a $200-billion investment in the next 14 years to advance economic development.

Indonesia's initial economic plans had eyed investments worth $100 billion, but with state-owned companies looking to meet the $100-billion investment target alone, ministers, governors, and businessmen gathered at a two-day meeting, said the target would then be doubled to $200 billion by 2025, Antara news agency reported.

The two-day meeting, which is being held at the Presidential Palace in Bogor, just south of the country's capital of Jakarta, is aimed at discussing the acceleration of Indonesia's economy, already Southeast Asia's largest.

According to State Enterprises Minister Mustafa Abubakar, 26 large state firms would be participating in the implementation of the economic development masterplan, which would cover projects across the country, creating 6.6 million jobs nationwide.

Participating firms include oil and gas company PT Pertamina, electricity company PT PLN, telecommunications operator PT Telkom, national gas company PGN, a number of banks, as well as national flag carrier Garuda Indonesia, steel maker PT Krakatau Steel, and cement producer PT Semen Gresik, among others.

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