President to visit NY, London in search of investment

President to visit NY, London in search of investment

Indonesia will hold a business forum in London and New York in September in an effort to attract more foreign investment into the country, the government said on Saturday.

The Indonesia Global Investment Forum will update foreign businesses on Indonesia's economic outlook and highlight President Susilo Bambang Yudhoyono's plans for developing the country's economy and infrastructure, the Coordinating Ministry for Economic Affairs said in a statement.

Economy Minister Aburizal Bakrie will open the London segment, which takes place Sept. 8 and Sept. 9 and Susilo will join the forum on Sept. 15, to open the two-day event in New York, the statement said.

The forum will bring together top government officials and senior executives from 20 Indonesian companies who will outline opportunities and incentives for foreign investors.

Sectors to be highlighted include energy, telecommunications, and roads, ports and airports.

The government is targeting economic growth of 6.1 percent this year, compared with 5.5 percent in 2004, and foreign investment has risen for the first time in years.

But analysts have warned that the government needs to do a better job of promoting investment opportunities in Indonesia, which is still plagued by rampant corruption, poor infrastructure, unwieldy labor regulations and excessive government red tape -- all deterrents to economic growth. -- AP