Tue, 28 Oct 2008
Investment grew 10.9% from January to August compared to the same period last year at $47.55 billion, Antara reported.

The chairman of the Capital Investment Coordinating Board, M. Lutfi, said on Monday that foreign investment growth in the period reached 42% from $31.33 billion in 2007.

Investment in the manufacturing sector, Lutfi said, was still quite good in the past six months with 25 projects worth $84 million realized despite slowing demand. "Investment in the textile sector is still growing well," he said.

Lutfi said investment in the plantation sector, particularly palm oil, was also growing well with an expansion of plantations of around 800,000 hectares worth $2.5 billion, mostly in Sulawesi, Kalimantan and Sumatra.

Lutfi said the government will give income tax reductions to would-be investors who submit applications from October.

Evita H Legowo, Director General for Oil and Gas, said the government expects investments from energy and resources to reach $375 million for the 22 oil and gas blocks awarded earlier this month. Investments in the oil and gas industry, as well as financial services, are not included in BKPM figures.

Chevron Corp., ConocoPhillips and Husky Energy Inc., which were awarded the oil and gas exploration rights for four blocks, have pledged total investments worth $91.4 million over the next three years.



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