Tue, 19 Apr 2011

Bogor, West Java (ANTARA News) - President Susilo Bambang Yudhoyono said Indonesia will need more than US$200 billion in investment until 2025 to accelerate and expand economic development in Southeast Asia`s largest economy.

The government had originally targeted the investment needs at US$100 billion but later revised upward the investment target to US$200 billion after state-owned companies pledged to meet US$100 billion of it, he said when opening a working meeting at the Bogor Presidential Palace on Monday.

All ministers, governors, and a number of businessmen are taking part in the two-day meeting to discuss a masterplan for the acceleration and expansion of the Indonesian economic development (MP3EI).

"When state-owned companies revealed their investment commitment of US$100 billion to the floor at a meeting last February, we later revised upward the investment target to more than US$200 billion at that time," he said.

The head of state expressed hope that the businessmen taking part in the meeting would commit themselves to make investment in large amounts to achieve the target of the Indonesian economic development.

Earlier, State Enterprises Minister Mustafa Abubakar said 26 large state firms would take part in the implementation of the masterplan. They are oil and gas company PT Pertamina, electricity company PT PLN, telecommunications operator PT Telkom, national gas company PGN, national logistics agency (Bulog), fertilizer company Pusri, Bank BRI, Bank Mandiri, Bank BNI and Bank BTN.

The others are national flag carrier Garuda Indonesia, steel maker PT Krakatau Steel, cement producer PT Semen Gresik, social labor insurance company PT Jamsostek, insurance and pension fund management PT Taspen, mining company PT Antam, tin mining company PT Timah, coal mining company PT Bukit Asam, health insurance company PT Askes, asset management company PT Perusahaan Pengelola Aset, construction company PT Wijaya Karya, PT Adhi Karya, plantation company PTPN III, plantation company PTPN IV, pawnshop Pegadaian, and railway company PT Kereta Api Indonesia.

Mustafa said the implementation of the masterplan covering a number of projects in all parts of the country would cost an estimated Rp836 trillion. The projects are expected to create jobs for 6.6 million people.