Mideastern states join RI investment forum

JAKARTA (JP): Businesspeople from eight Middle Eastern countries and three Asian ones are currently in town attending a government-sponsored investment forum.

Jack S. Gaffar, the director for investment and financial cooperation at the foreign affairs ministry, said the government had invited the businessmen to join the forum as part of its effort to bring back foreign investment to the country.

"Indonesia badly needs foreign investment to help smooth the process of economic recovery," he said on the sidelines of the preliminary meeting on Tuesday.

The three-day meeting, which started on Tuesday, is being attended by businesspeople from Saudi Arabia, Bahrain, Iran, Quwait, Oman, Qatar, Brunei Darussalam, Singapore and Malaysia.

Jack said Indonesia had been facing difficulties persuading foreign investors to return to the country due to various factors, including legal uncertainty and the political situation, which had created an unconducive business and investment environment.

The Middle Eastern and Asian countries have pledged their political commitment to help Indonesia in coping with its economic crisis, despite the fact that Indonesia has been relying more on western countries for both investment and development aid, he said.

He said the meeting was mainly aimed at informing the foreign businesspeople about the business opportunities available in the country.

"We are not begging for foreign aid here; rather we are selling profitable commercial projects," he said.

Jack said the meeting would provide the foreign business delegations with a close look at no less than 40 projects from various sectors, including banking, telecommunications, mining, tourism and transportation.

He said many of the projects on offer were managed by local private enterprises, while others were government-owned. The Indonesian Bank Restructuring Agency (IBRA) is also offering some of the companies currently under its supervision.

"There are 15 projects with the most potential, including the Bukit Asam coal project and a new fertilizer factory owned by Petrokimia Gresik," Jack said.

He said senior officers from related ministries would provide insightful views on the prospect of making investments in each of the sectors.

President Abdurrahman Wahid is scheduled to give an address at the close of the meeting on Thursday. Economic ministers from the 11 countries are also expected to attend the meeting. (cst)