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NEWS UPDATES Asean Affairs  10 November 2010

US Investment In Indonesia Soars To US$871 Million

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United States investment in Indonesia grew rapidly to US$871 million until the third quarter of this year, an Indonesian minister said.

"Until the third quarter of 2010 (US investment) reached US$871 million, meaning that US investment outside the oil and gas sector grew rapidly," Coordinating Minister for Economic Affairs Hatta Rajasa said here on Tuesday.

The US investment in Indonesia stood at US$157 million in 2008, rose to US$171 million in 2009 and further moved up to US$871 in 2010 up to September, he said.

He expressed hope that US investors would invest in the country's renewable energy. "We want a transfer of technology in the field of renewable energy. We hope there will be US investment in the management of renewable energy."

He said Indonesia must be able to take advantage of President Barack Obama's visit in Indonesia to boost two-way trade. Obama arrived here on Tuesday for a two-day visit.

The US was one of the main markets for Indonesian products and the two countries still had a plenty of chance to increase their trade, he said.

"The US ranks second in terms of our foreign trade volume and export destinations. We always enjoy a surplus in our trade with the US. This means that the US is a huge market for export commodities," he said.

He expressed hope that trade between the two nations would return to the pre-crisis level of US$21 billion in the years ahead.

"In 2009 the bilateral trade fell slightly. In 2010 it shows an upward trend and will hopefully return to the level of US$21 billion such as in 2008 when Indonesia recorded a surplus of more than US$5 billion," he said.

He added that the US always saw Indonesia as its strategic partner.

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