TheJakartaPost

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

Land 'syndicates’ blamed for driving investors away from RI

  • Made Anthony Iswara

    The Jakarta Post

Jakarta   /   Tue, October 15 2019   /  02:10 am

Activities of land "syndicates" have hampered the realization of a number of major investment projects in Indonesia, including a petrochemical plant to be built by South Korean petrochemical conglomerate Lotte Chemical, Agrarian and Spatial Planning Minister Sofyan Djalil has said.The Indonesian unit of the South Korean business group, PT Lotte Chemical Indonesia, planned to invest about Rp 50 trillion (US$3.5 billion) to build a chemical plant in Cilegon, Banten, but the company could not realize the project because the land to be used as the site for the chemical plant was claimed by other people, Sofyan said in a press conference at his office in Jakarta on Friday last week.He said that such practices of the land cartels had discouraged foreign companies, including those from China, from investing in Indonesia. As reported by the World Bank, between June and August 2019, 33 Chinese co...