S'pore cancels RI investment<\/p>\n
SINGAPORE (AFP): Singapore firms have put on hold investments
\nworth some S$1.7 billion (US$1 billion) in Indonesia's nearby
\nRiau province, a news report said here Tuesday.<\/p>\n
Singapore's Business Times said that of a total of 66 projects
\nworth some $3.2 billion that were committed in 1998, only 22
\nprojects worth some $1.58 billion have been pursued.<\/p>\n
\"We hope that once the political situation stabilizes, these
\ninvestments will start moving again,\" said Syahril Heryanto of
\nthe Department of Coordination for Investments in the Riau
\nprovincial government.<\/p>\n
He said Singapore and other regional countries had expressed
\nconcern over social tensions in the province.<\/p>\n
Singapore is one of the largest investors in Riau, especially
\nin Batam and Bintan, where a series of clashes affecting
\nSingapore businesses were reported earlier this year.<\/p>\n
Batam, which was first developed in the 1970s as a center for
\nthe country's oil industry, now has a thriving tourist industry
\nas well which attracts large numbers of Singaporeans annually.<\/p>\n
Bintan, about 50 kilometers (30 miles) east of here, is also a
\npopular weekend beach and golf resort for Singaporeans.<\/p>",
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