South Korean businessman plans US$1.2 investment in Aceh
Tuesday, November 21 2000 - 02:00 AM WIB
Minister of industry and trade Luhut Pandjaitan said South Korean company Samjo planned a US$1.2 billion investment to develop refinery, tanker, port and other infrastructure on the island of Sabang, north of Aceh.
Luhut said the South Korean firm had opened its representative office in Jakarta and formulated the project plan, Bisnis Indonesia reported.
He said during the plenary meeting with the House of Representatives that the investment was expected to help develop Sabang Island as a free trade zone.
The House of Representatives, in the plenary session presided over by legislator AM Fatwa, passed into laws the governmental regulations No. 1/2000 and No. 2/2000 on Sabang as free trade zone.
The administration of former President Soeharto revoked Sabang's status as a free-trade zone in 1984. (*)