Indonesia Eyes $2B Investment Opportunities In Egypt

The Chairman of the Egyptian Indonesian Business Council, Mohamed Baraka, has revealed that the Indonesian President Susilo Bambang Yudhoyono is preparing a visit to Egypt next February, with a number of Indonesian businessmen in addition to the economic ministerial group in Indonesia. This visit is to deep the bilateral relations, to discuss opportunities of economic cooperation between the two countries, and the possibility of establishing investment projects at $2 billion.  

In his statements to “Amwal Al Ghad”, Barak stated that this visit is to examine the security states in Egypt and the possibility of establishing investment ventures at the current time. Furthermore, it is to resolve the problems and obstacles facing the Indonesian investments, such as the textile factory which the court ordered to withdraw from the Indonesian investor.

Baraka has referred that it has to punish those who violated the law during selling the factory to the Indonesian investor; pointing out that Egypt should follow ways to attract the investments and work on resolving any obstacles that face the current investments.

One of the targeted sectors for investments is the palm oil industry, which is used in the industry of cosmetics, ready-made garments, furnishings and tires. Before the revolution, numerous ventures were ready, and a feasibility study of a tire factory had been prepared; but suspended owing to the incidents, Baraka said.

On the other hand, the Ethiopian side showed a willingness to invest n Egypt on condition of security and political stability, Barak mentioned; referring that this visit will be after 25 January, because of the calls for protests.