India to invest in Indonesian metal downstream industry

Jakarta — Indonesia’s Ministry of Energy and Mineral Resources (ESDM) has revealed that India’s Ministry of Steel is interested in investing in the country’s metal downstream industry.

“They will encourage investment by Indian companies to conduct operations in Indonesia, particularly in the metal industry,” said Deputy Minister of ESDM Yuliot during an interview at the ESDM Ministry office in Jakarta on Friday.

Investment opportunities in metal downstream industry were discussed during a meeting between Deputy Minister of ESDM Yuliot and Secretary General of India’s Ministry of Steel Sandeep Poundrik at the ESDM Ministry office on Tuesday (24 February).

In addition, he conveyed that discussions on cooperation between Indonesia and India are taking place in the development of capital goods industries, such as machinery, heavy equipment, and factory equipment, to support the continuation of metal downstreaming in Indonesia.

Discussions and finalisation of such cooperation, he continued, will be conducted at ministerial level. India will submit a draft memorandum of understanding (MOU).

Meanwhile, the ESDM Ministry will consult with the Foreign Ministry regarding the MOU framework that will be discussed and followed up with signing at the ministerial level.

According to Yuliot, this synergy represents an important step in strengthening national energy security, whilst opening opportunities for sustainable investment that provides long-term economic benefits.