JAKARTA. PT Vale Indonesia Tbk (INCO) has obtained an investment commitment worth US$ 5 billion for the next five years from a Brazilian company.
The investment commitment was declared on the sidelines of the Indonesia-Latin American and the Caribbean (INA-LAC) Business Forum.
Deputy Foreign Minister Abdurrachman M. Fachir said that the business forum will also result in a trade value of US$ 20 million. So far, he said, partnerships with Latin American countries are not optimal due to the vast distance and the 35% tariff to enter Indonesia.
"Hopefully with more facilities they (Latin American investors) will be interested, considering several deals that have been struck such as the US$ 5 billion investment commitment between Vale and a Brazilian company," said Mr Fachir on Tuesday (15/10).
On the same occasion, Vale Indonesia Deputy Director Febriany Eddy said that Vale feels comfortable with its Indonesian operation due to the good quality of Indonesian nickel. The US$ 5 billion investment commitment, he added, is a show of commitment from the company for further exploration. (AM/MS)