Jakarta (ANTARA News) - The Industry Ministry has projected US investment in Indonesia will hit a record high of US$1 billion in the next few years following President Barack Obama`s visit to the country on Nov 9-10.
"US investment in Indonesia is relatively small compared to that of other Asian countries, such as Japan and South Korea. I hope it could increase following Obama`s visit," Industry Minister MS Hidayat said here on Monday.
He said the government would encourage US companies to invest in heavy-duty equipment and machinery industries. A number of US companies had so far invested in the heavy-duty equipment industry including Caterpillar Inc.
Caterpillar Inc. planned to invest US$500 million in Indonesia next year, he said.
Obama is scheduled to arrive here on Tuesday for a two-day visit. He will hold bilateral talks with President Susilo Bambang Yudhoyono.
On Tuesday night, President Yudhoyono will hold a state banquette in honor of the US President.
During the meeting, the two heads of state will launch Indonesia-US comprehensive partnership.
On Wednesday, Obama is expected to deliver a speech at the city`s Istiqlal Mosque and visit the University of Indonesia (UN) campus in the city`s southern outskirts of Depok.