Tue, 22 Jan 2008
Foreign investment inflows to Batam Island in Riau Islands province last year jumped 56% to $288.52 million from $184.99 million a year earlier, the Batam Authority said in a statement on January 11, Asia Pulse reported.

In 2007, the government licensed 79 new foreign investment projects worth $288.52 million and four foreign expansion projects worth $10.33 million, bringing the total foreign investment on the island to $298.86 million,

The foreign investment projects include the metals industry, shipbuilding industry, the contact lens industry, power supply, pipe industry, trade and service sectors.

In 2007, the government also licensed four domestic investment projects worth Rp1.92 trillion and one domestic expansion project worth Rp600 billion, it said.

However, one Singaporean company was reported to be ready to quit neighboring Bintan, The Jakarta Post reported.

Bintan deputy regent Mastur Taher said electronic company PT Escatec Lobam would cease operations permanently on January 31 and dismiss its 437 workers.

The reasons for the departures weren't specified. "Local authorities will look into why it is leaving ... (despite) incentives and facilities," Taher said.



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