Jiangsu Invests Heavily In Indonesia

 

Via antaranews.com

Jakarta (ANTARA News) – Indonesia is considered important for Chinas economy since the Belt and Road Initiative (BRI) established by Chinese President Xi Jinping in 2013.

In order to promote this strategy of regional economy integration, Chinese local governments and companies are encouraged to build more intensive relations with their international partners.

Such mission led three city governments of Beijing, Nanjing, and Changsha to invite journalists from ASEAN countries, including Antara, to visit China and learn more on how the BRI would benefit not only China but also the world development.

 

The ten companies and three local governments that Antara had talks with, have been establishing cooperation or eying Indonesia to expand their businesses.

Among the biggest are companies from Jiangsu Province which are currently running 24 businesses in the archipelago with the total investment of some projects reaching US$32 billion.

“Jiangsus overseas projects in Indonesia is the largest compared to other Asian countries,” Hang YouFei, Deputy Director of Foreign Investment and Foreign Affairs Division at the Development and Reform Commission of Jiangsu Province said in the capital of Nanjing.

Several major projects that have been running include nickel and iron mines worth US$995 million, a US$ 350 million cement industry and a $310 million industrial estate development for rubber, agriculture and oil refineries.

One of the companies in Jiangsu also financed the development of an industrial park in East Kalimantan, which integrates the agricultural and industrial sectors.

The economic zone that began operating actively since 2013 run by eight companies worth a total of US$1.1 billion. Revenue on sales of various products generated from the industrial estates is expected to reach US$2 billion by 2019.

The export value of Indonesian products to Jiangsu also recorded a significant increase of 54.8 percent in the first half of 2017.

It indicates, according to YouFei, that the province located on Chinas eastern coast has promising trade links with Indonesia as well as other countries in Southeast Asia.

“This means that Jiangsus foreign trade has great potential for further growth in the future,” he said.

With a value of US$1.7 billion, Indonesia exported commodities in 2016 consist of agricultural products such as rubber, rice, and palm oil; mineral products such as steel and iron; as well as textile products.

Meanwhile, Jiangsus export value to Indonesia in the first half of 2017 reached 2.61 billion US dollars, an increase of 8.9 percent over the same period last year. Jiangsus export commodities to Indonesia are dominated by mechanical and electrical products.

 

 

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