Update on Investment & Infrastructure
Indonesia and China marked their cooperation by the signing of two memorandum of understanding and five contracts worth US$23.3 billion on Friday last week (April 13) in Beijing, China. Coordinating Minister Luhut Binsar Panjaitan said this agreement was part of China’s Belt and Road Initiative (BRI), an ambitious road, rail and construction project spanning dozens of countries across Asia, Africa and Europe. The contracts were signed by companies from both countries, consisting of (1) two projects with total investments $17.8 billion to build a hydropower plant on the Kayan river (North Kalimantan), (2) a $700 million contract to develop facilities to convert coal to dimethyl-ether into gas, (3) Joint venture- power development in Bali worth $1.6 billion, and (4) the development of steel smelter worth of $1.2 billion.
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