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Australian investors to build industrial zone in western Indonesia

Xinhua, October 10, 2016 Adjust font size:

Investors from Australia will cooperate with local partners to set up an integrated industrial zone in Banten province of western Indonesia, Indonesian official said on Monday.

A deal on the project was signed by a Australian businessmen group in the Australia Indonesia Business Council (AIBC) and representatives of the provincial enterprise in Banten province at the Indonesian investment coordinating board office.

"This agreement is expected to help spur economic growth in Banten province. Investment is important for the regional development," Azhar Lubis, deputy for controlling at the country's investment coordinating board said.

The 700-hectare industrial zone will be built in Naga Gulf of the province, he added.

One of the major projects to be constructed in the zone is four gas-fired power plants with capacity of 450 MW each, the official said.

The project is expected to be completed within five years, Lubis cited.

Indonesia has attempted to lure more foreign investment, partly by revealing a raft of deregulation and incentives, and simplifying procedures for licensing in investment.

Over 3,000 rules hampering investment at the regional level have been scrapped, while the country's prospect of economic growth this year and next year is attractive amid contractions in other nations. Endit