Indonesia welcomes more investment from China: official

Nurul Ichwan, deputy minister for investment promotion at Indonesia's Ministry of Investment, addresses the Indonesia-China Investment Conference in Nantong, east China's Jiangsu Province, Sept. 24, 2024. Indonesia is open to further investment from China in a range of industries, Nurul Ichwan, deputy minister for investment promotion at Indonesia's Ministry of Investment, told Xinhua in an interview on Tuesday.(Photo by Hu Xiao/Xinhua)

NANJING, Sept. 24 (Xinhua) -- Indonesia is open to further investment from China in a range of industries, Nurul Ichwan, deputy minister for investment promotion at Indonesia's Ministry of Investment, told Xinhua in an interview on Tuesday.

"In every sector that is related to the richness of Indonesia, especially in the natural resources, we are open to inviting investors from China because we know China currently is not only leading in the economy but it is also leading in technology," Nural said at an investment promotion event in the city of Nantong, east China's Jiangsu Province.

Hosted by Indonesia's Ministry of Investment, the event aimed to promulgate Indonesia's investment environment, policies and opportunities to woo Chinese investors to the world's fourth most populous country and largest economy in Southeast Asia.

Some 100 companies from both countries participated in the event, which took in the industries of textiles, chemicals, pharmaceuticals, construction and shipbuilding. Officials and businessmen of the two engaged in face-to-face discussions and showcased some key investment projects.

China is now Indonesia's largest trading partner and its second-largest source of investment. China's direct investment in Indonesia reached 4.55 billion U.S. dollars in 2022, more than double the 2.2 billion dollars in 2021, according to statistics from China's Ministry of Commerce.

Indonesia is committed to developing a green economy and continuing infrastructure and downstream industry development, which was included in President-elect Subianto Prabowo's eight missions aimed at achieving Golden Indonesia 2045, which envisions Indonesia becoming among the world's top five largest economies, said Nurul.

Nurul also called for more Chinese investment in the construction of the country's new capital Nusantara. Indonesia's central government has issued various incentives to attract investment, including income tax holidays, import tax exemptions, and long-term land-use permits.

"Indonesia now has new potential areas for development," said Xuechi, president of ZTT Group, in an interview with Xinhua during the event. "The new-energy and energy storage sector, plus the electric motorcycle market, they are all in huge demand. Also, Indonesia is a maritime nation with many islands, so there is a significant need for the application of submarine cables."

ZTT Group, China's leading wire and cable manufacturer, has been doing foreign trade with Indonesia since 2005, and in 2017 the group made its first investment in Indonesia, building factories and realizing local production.

"In the next three years, the sales of ZTT Indonesia company will reach more than 1 billion yuan (about 142 million U.S. dollars), create 500 new jobs, and focus on improving the supply chain capabilities of the local cable industry," said Xue.

Delegates attend a panel discussion at the Indonesia-China Investment Conference hosted by Indonesia's Ministry of Investment in Nantong, east China's Jiangsu Province, Sept. 24, 2024. Indonesia is open to further investment from China in a range of industries, Nurul Ichwan, deputy minister for investment promotion at Indonesia's Ministry of Investment, told Xinhua in an interview on Tuesday.(Photo by Hu Xiao/Xinhua)