Batam reduces growth target<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
The Batam Industrial Development Authority (BIDA) has
\ndowngraded its economic growth target of 8.25 percent for this
\nyear to 8 percent due to the outbreak of Severe Acute Respiratory
\nSyndrome (SARS) and possible military operations in Aceh.<\/p>\n
BIDA chairman Ismeth Abdullah said SARS and the security
\nissues in Aceh had prevented investors from pursuing their
\ninvestment plans on the island.<\/p>\n
\"Hopefully, the SARS case and the Aceh issues will not
\ncontinue for long,\" Ismeth told reporters after signing a
\nmemorandum of understanding with the Ministry of Agriculture and
\nthe Ministry of Fisheries on Tuesday.<\/p>\n
Although Indonesia is not a SARS-infected country, investors
\nfrom SARS-infected areas such as mainland China, Hong Kong and
\nSingapore have been advised to avoid traveling by their
\nrespective governments. Many of the investors in Batam come from
\nthese countries.<\/p>\n
Ismeth said in 2002, Batam had 80 new foreign investors who
\ninvested a total of US$600 million. The additional companies
\nbring the total foreign investment by all companies in Batam to
\n611 companies with a total investment of $3.6 billion.<\/p>\n
As of March 2003, there were some 22 new foreign investment
\ncompanies on the island this year, injecting some $60 million
\nworth of investment.<\/p>\n
For 2003, Ismeth said that BIDA had set a similar target of 80
\nforeign investment companies.<\/p>\n
As for domestic investment, the growth is not as fast as
\nforeign. According to Ismeth, there were only 10 additional
\ndomestic investment companies in Batam this year.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/batam-reduces-growth-target-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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