BEIJING: Indonesia’s President Joko “Jokowi” Widodo has secured billions of dollars in investment pledges from Chinese firms during a two-day official visit to Beijing, Indonesian Ministers said.
Indonesian Minister for Investment Bahlil Lahadalia said that one of the main deals was a U.S. $11.5 billion pledge from Xinyi firm to establish a production plant in Indonesia. The minister added that it would be the second-largest production unit in the world after China. Bahlil Lahadalia maintained that if the promise materialized, Xinyi’s investment would produce more than 35,000 jobs.
Indonesia-China Ties: President Jokowi Secures Billions in Investment Commitments During Beijing Trip
The Minister said Xinyi had already invested more than $700 million in Indonesia in 2022 to build a plant in Gresik, East Java.
Indonesia’s top ambassador Retno Marsudi said that at a meeting on Thursday between Xi Jinping and Jokowi focused on mutually beneficial economic cooperation. During the trip to Beijing, Jokowi sought more Chinese investment in health, renewable energy, the construction of a new Indonesian capital city, and food security.
China is Indonesia’s major trading partner and a main source of investment. In 2022, Indonesia’s exports to China were reported at $65.9 billion, while imports were more than $67.7 billion, the Indonesian government’s statistics agency said.
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Earlier, China and Southeast Asian countries agreed to speed up a deal to stop conflict in the South China Sea.
A code of conduct to stop conflicts and promote cooperation in the South China Sea has been under negotiation between Beijing and the 10-nation ASEAN since 2002, but progress over the matter has been slow.
