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China, Indonesia sigh multi-billion-dollar economic agreements

(Xinhua)

13:51, September 20, 2011

JAKARTA, Sept. 19 (Xinhua) - China's northeast Jilin Province signed 9 economic agreements worth 9.5 billion U.S. dollars with Indonesia Monday in Jakarta, covering mining, drinks, husbandry and pharmaceutical sectors.

Eight deals worth of 3.5 billion U.S. dollar were announced Monday evening at the China Jilin-Indonesia Economic and Trade Cooperation Conference. Earlier on the day, the Jilin Horoc Nonferrous Metal Group signed a deal to invest 6 billion U.S. dollars in nickel smeltering in Southeast Sulawesi.

The trade delegation, headed by Jilin Province's Communist Party chief Sun Zhengcai, is here to tap into business opportunities between the old industrial base of Northeast China and the largest economy in Southeast Asia.

Sun said both sides have much to gain from their complementary economies, especially as the Chinese government is prioritizing the revitalization of the old industrial base of Northeast China and the regional cooperation in Northeast Asia is booming.

Indonesia has maintained a high growth rate of 6.5 percent for the first six months of the year and is rich in mining, agricultural, fishing and forestry resources. On the other hand, China's Jilin sits at the center of Northeast Asia, having car manufacturing, oil and chemical processing, agriculture as its pillar industries.

Zhang Qiyue, Chinese ambassador to Indonesia, told the conference that China has become a major trade partner for Indonesia, with trade volume likely to exceed 50 billion U.S. dollars in 2011, adding that non-financial direct investment flows from China to Indonesia surpassed 1.05 billion U.S. dollars by the end of July.

Indonesia is wooing investment from China. As Abdul Alek Soelystio, vice chairman of the Indonesian Chinese Entrepreneur Association put it, the Indonesian government is sparing no effort to improve the legal system and infrastructure, and simplify investment procedures to create an investor-friendly climate.

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