New economic policies to facilitate FDI in Indonesia

Kolkata, Nov 22 (UNI) With "Democracy in the Making" in Indonesia, Foreign Direct Investment in the mining industry is expected to rise.

Director and Managing Partner of Kiroyan-Kuhon and PT Kommunikasi Kinerja, Jakarta, Indonesia, Noke Kiroyan today said, ''According to Paragraph 3 of Article 33 of the Indonesian Constitution, the 'contract system' applied on foreign countries investing in Indonesia will be abolished and the new economic policy will totally revolutionise investment in Mining Industry as well.

Speaking at the Trilateral Mining Seminar held among Australia, Indonesia and India, Mr Kiroyan said there is a growing political will towards FDI in mining and assured that foreign investors can now expect to see less restrictions and more freedom while starting business in the country.

Representatives of companies Rio Tinto and Tata Power Trading Company Ltd have so far invested successfully in Indonesia, Mr Kiroyan said and added many more Indian and Australian companies have shown interest to invest in Indonesia.

Responding to a question, Mr Kiroyan said the new policy will not effect the companies currently holding contracts in Indonesian mines.

UNI