Investments in Batam

BATAM, Riau (JP): The Batam Development Authority has recommended 22 foreign investment project proposals worth US$137.71 million between January and May this year.

"The investment commitments are being processed by the Investment Coordinating Board (BKPM) in Jakarta before they are submitted to the President for approval," T. Otman Rasyid, head of local BKPM office told the press here on Saturday.

The new policy on foreign investment, as stipulated in Government Regulation No.20/1994, is seen by Rasyid as another boon to new investors in Batam.

As of last year, total investments in Batam reached $4.52 billion consisting of $3.78 billion private investments and $742.73 million government investment. (rmn/yns)