Wednesday, 22 May 2019 | 05:30 WIB

Saudi Arabia Ready to Invest IDR4.3 Trillion in National Petrochemical Industry

Saudi Arabia Ready to Invest IDR4.3 Trillion in National Petrochemical Industry (ubertur.blogspot)

JAKARTA, NETRALNEWS.COM - At a limited meeting some time ago held by President Joko Widodo with a number of Working Cabinet ministers, Saudi Arabia's investment plan was discussed in the national petrochemical industry sector. The investment value is estimated to reach US $ 6 billion, equivalent to IDR 84.31 trillion.

As it is known, this investment plan has been discussed by President Joko Widodo and the Kingdom of Saudi Arabia, when the president made a visit to the Middle East country.

Saudi Arabia wants to work together to make Indonesia a hub for the petrochemical industry in Southeast Asia. To that end, President Jokoo Widodo instructed the relevant line ministries and government and non-ministerial institutions to immediately conduct studies to facilitate the realization of these investments.

"The Ministry of Industry continues to encourage the growth of the petrochemical industry in Indonesia to deepen the manufacturing structure from the upstream to downstream sectors. "The petrochemical industry produces various commodities that can be used as raw materials in the packaging industry, textiles, household appliances, as well as automotive components and electronic products," said Indonesia Minister of Industry Airlangga Hartarto on Saturday (04/20/201) .

According to him, the petrochemical industry also contributed significantly to the national economy. The Ministry of Industry noted that in 2018, investment in the chemical and pharmaceutical industry sector reached IDR 39.31 trillion.

In addition, the chemical industry and goods from chemicals group carved an export value of US $ 13.93 billion.