S’pore eyes more investment in Indonesia

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SINGAPORE: The Government of Singapore Investment Corp (GIC) wants to step up its investment in fast-growing Indonesia, particularly in infrastructure, a top executive said in remarks.

The state investment agency will work with its Indonesian partners to study the various infrastructure projects available, executive director and deputy chairman Tony Tan told the Straits Times newspaper.

“I think not only GIC but also, other companies would be very interested given Indonesia’s good fundamentals and obvious need for infrastructure investment,” Tan was quoted as saying.

Tan did not refer to any particular projects but the newspaper report said potential areas of investment ranged from a cruise terminal in the popular resort island of Bali and a railway line to link Jakarta and the main airport.

Set up in 1981, GIC is one of Singapore’s two sovereign wealth funds — along with Temasek Holdings — and invests the country’s massive foreign reserves of well over US$100 billion (US$1 = RM3.06).

GIC does not publicly give a value on its massive holdings but the US-based Sovereign Wealth Fund Institute ranks it as the seventh largest in the world with an asset portfolio valued at US$247.5 billion. — AFP