Unilever to invest $500m in RI

Unilever to invest $500m in RI

JAKARTA: PT Unilever Indonesia plans to invest an estimated US$500 million in the next 10 years in Indonesia, an official with its parent company said Wednesday.

Niall Fitzgerald, the global chairman of Unilever Plc., said after a meeting with President Megawati Soekarnoputri that Indonesia is designated by Unilever as a sourcing country for consumer products sold in countries of the Association of the South East Asian Nations.

Unilever Indonesia has been operating locally since 1993 and has invested $250 million in the last decade.

Many foreign companies have pulled out from Indonesia or stopped new investments following the 1997 Asian financial crisis, which sparked political crisis and social unrest in the country. -- Dow Jones