Japan to Invest $7 Billion in Indonesia Over next Five Years

Sectors receiving funds include energy, machinery and automobiles

Japan is planning investments worth up to $7 billion in Indonesia, Southeast Asia's largest economy, over the next five years, representatives said Aug. 29. The announcement was made by Fujio Mitarai, chairman of the Japan Business Federation in a speech delivered in front of visiting Japanese Prime Minister Shinzo Abe and Indonesian President Susilo Bambang Yudhoyono.

He said sectors planning the investment included "energy, including oil and gas, and machinery, including automobiles."

About 62% of Japanese investment in Indonesia is through the manufacturing sector.

Japan is one of Indonesia's top investors.Indonesia has been seeking to boost foreign investment as it seeks to overcome a red-tape choked bureaucracy and rampant corruption.

Copyright Agence France-Presse, 2007

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