KUALA LUMPUR: Strategic investment company Amanah Nusantara International Sdn Bhd (ANI) expects to garner US$5.3 billion in investments from Malaysia to develop infrastructure facilities in the port city of Cirebon in Indonesia over the next three years.
Located in West Java and 297 km east of Jakarta, Cirebon is home to nearly three million people.
ANI President Director/Chief Executive Officer Ishtiaq M Khan said Malaysian investors could focus on housing and commercial development, fishery port and terminal as well as an integrated cold storage system for the fishing industry.
“Other projects could include a new maritime port, social infrastructure, highway and railroad development,” he told reporters after the signing of a Memorandum of Understanding (MoU) between ANI and the Cirebon government here today.
Under the MoU, ANI will assist the Cirebon government to attract Malaysian companies to invest in the port city.
“I am optimistic that over 50 per cent of investments in Cirebon’s infrastructure development will come from Malaysia,” he said.
Ishtiaq said Cirebon regional head (Bupati) Sunjaya Purwadisastra has pledged to provide transparent access and facilitate business operations in the city, which offers lower labour cost than Jakarta.
He said several subsidiaries from Permodalan Nasional Bhd (PNB) mainly in the property development are potential investors in Cirebon.
Meanwhile, Purwadisastra said his government will cooperate and offer direct assistance to investors by facilitating access and cutting down on bureaucracy.
“We will expedite various project approvals and provide the necessary information when required,” he added.
PNB Chairman Tun Ahmad Sarji Abdul Hamid, who was present at the ceremony, welcomed Cirebon’s offer to Malaysian investors.
“Business access that is facilitated by the Bupati should be further studied for the benefit of economic cooperation in ASEAN,” he said.
– Bernama