The joint venture between two countries’ largest steelmakers will break ground within the next few months, he said in an interview with The Korea Herald.
The plant will be located in Cilegon, northwest Java with an output target of 6 million tons. It will have 3 million tons of capacity by the end of 2013.
The project is one of significant achievement by the agency’s “one-stop” investment service policy launched in February, Wirjawan noted.
“It’s simplifying the decision-making process under one roof, without having to go through a number of different ministries to set out a project,” he said.
Founded in 1973 as an Indonesian ministry, the BKPM has worked as a proactive advocate and matchmaker for investors to boost domestic and international investment by creating a conducive investment climate.
“We’re trying to find smart capital,” said Wirjawan, who has been involved in advising the government and private sector in many Asian countries with respect to corporate restructuring, mergers and acquisitions and strategic sales. “We’re encouraging not just to buy our product, but to build a power plant too. So that’s value-added. This has never been encouraged by the government in the past but now we’re consciously doing it.”
As the biggest economy in Southeast Asia, worth $650 billion, Indonesia holds unpredictable potential for growth and investment, the minister said. Gaining recognition as the region’s only member of the G-20, the country expects its economy to size up to $1 trillion by 2014.
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