Foreign investment up in E. Java

Foreign investment up in E. Java

SURABAYA: Foreign investment in East Java increased this year
due to good economic and security conditions.

Data from the East Java investment board (BPM) showed on
Wednesday that the province had recorded US$451.6 million in
foreign investment during the January-October period, with at
least 63 projects.

In the same period last year, East Java had booked only $103
million through 51 projects.

Foreign investors who established businesses in East Java
included those from South Korea, China, Japan, Taiwan and several
European countries, including Switzerland and France.

The export trading sector attracted the greatest number of
investors, with 25 firms at $22.2 million.

The greatest investment was recorded in the non-metal
industries, with $176.1 million.

East Java's domestic investment during the same period this
year amounted to Rp 1.23 trillion through 15 projects, a sharp
increase from 2002, when it booked only Rp 813 billion and 10
projects. -- Antara