Middle East investors look at Indonesia's business prospects
Middle East investors look at Indonesia's business prospects
JAKARTA (JP): About 200 major Middle Eastern investors and
bankers are taking a closer look at the business opportunities
cropping up in the country's battered economy.
Chairman of the Indonesian Chamber of Commerce and Industry
(KADIN) Aburizal Bakrie said on Thursday the investors would
concurrently attend a two-day workshop on finance at the
Borobudur Inter-Continental Hotel.
The Workshop on Strengthening Islamic Countries Financial
Institutions to Revitalize Southeast Asian Economies is organized
by KADIN, the Islamic Chamber of Commerce and Industry -- which
is under the auspices of the Organization of Islamic Countries --
and the Association of International Islamic Banks.
President B.J Habibie is scheduled to open the workshop on
Friday at the State Palace.
Aburizal said the government and businesspeople would use the
workshop to show the promising business prospects to the
visitors. Investment from the Middle East is expected to help
revitalize the country's economy.
"Several ministers will make presentations to them and offer
them the chances to take on projects in their respective
departments and to acquire state-owned enterprises under their
supervision," he said.
Business opportunities in oil and gas, plantations, fishery,
tourism and finance will be plugged.
"We can't take it for granted that they will be willing just
because most Indonesians have the same religion with them. They
are all businesspeople who will only invest if they think it
profitable," Aburizal said.
The visitors, he added, include the top executives of
international banks like the Kuwait Finance House, the Saudi Fund
for Development, Dallah Al Baraka (UK) Ltd., Al Mudarabah
Investment Qatar, Abu Dhabi Fund for Development.
"Most of the 200 Middle Eastern companies and banks are
represented by their top people at the workshop. Some of them are
coming here at the direct request of their kings, sultans and
head of states."
He said the Middle Eastern leaders had responded to a request
from Habibie, which was conveyed by the country's special trade
envoy to the Middle East, Muchrim Hakim.
Hakim said Middle Eastern governments and businesspeople had
invested about US$450 billion in international corporations
across the world.
"If, say, they put 1 percent of the funds in Indonesia, that
means we would get an investment of $4 billion, a huge investment
to us," Aburizal said.
Special trade envoy to China, Taiwan, Hong Kong, Australia and
New Zealand, James T. Riady, who is also vice chairman of the
Lippo Group, said the government's move to draw investment from
the Middle East should be supported because of the dire need for
capital inflow.
"The efforts should be appreciated," he said.
Habibie is scheduled to open the workshop together with the
Second Executive Council Meeting of IIFTIHAR, an organization
formed in 1996 to promote the contribution of Moslem communities
to the world's economy and technology.
Habibie is chairman of IIFTIHAR's Executive Council. (jsk)