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Indonesia says Greek's storm not to hamper investment
Date: 2010/5/26 Click: 1190

Greek debt crisis is forecast not to disturb foreign direct investment flowing into Indonesia, as the country has sound economic fundamentals and may enjoy benefit from conflict in Thailand, chairman of Coordinating Investment Board Gita Wirawan said here Monday.
  
With strong macro economy and political stability Indonesia has become safe destination for foreign direct investment for a long term, the chairman said.
  
Despite the recent capital outflow from the country, it is forecast that it will not decrease the number of foreign capital flowing into the country at the second quarter, he said.
  
Indonesia's foreign direct investment rose by 41 percent to 3. 81 billion U.S. dollars in first quarter, said Wirawan.
  
The capital outflow has reduced the country's foreign exchange reserve to over 77 billion U.S. dollars from the level of 78.6 billion U.S. dollars at the end of April, according to a source at the central bank quoted by detik. online.
  
"What we have achieved in the first quarter is promising enough. I believe that we can sustain the momentum that we have achieved at the quarter. I am optimistic that (investment will grow at Q2) and there is no signs of decreasing so far," he said on the side lines of a hearing with lawmakers here.
  
Indonesia has targeted over 1,600 trillion rupiah (some 172.6 billion U.S. dollars) investment this year.
  
With its resilience on the global financial routs in 2008 and 2009, the Southeast Asia's largest economy accelerated to 5.7 percent at the first three months on strong investment, exports and consumption. The growth is seen to 6 percent for the entire of this year, and at the range of 6.2 to 6.4 percent in 2011, former finance minister Sri Mulyani said.
  
The country's debt to GDP ratio is seen to reach 27 percent at the end of this year, said Wirawan.
  
"The realization of over 1,600 trillion rupiah investment this year can be achieved," he said.

The chairman said that the ongoing conflict in Thailand and political upheaval in Malaysia may push investors to turn to Indonesia.
  
The injection of over 1 trillion U.S. dollars bailout by the European Union to Greek, is seen only to address the problem of high deficit, which then lead the government to impose tight fiscal policy that could slow economic growth.
  
The chairman said that this condition would only occur in medium term.

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