Monday, November 10, 2014
Indonesian president announces $6B in port expansions
Indonesian President Joko Widodo is targeting nearly $6 billion in projects to expand ports across the his country, where investors are deterred by logistics costs.
Improving maritime and transport infrastructure is one of the leader’s main strategies to reinvigorate Southeast Asia’s No. 1 economy, which is growing at the slowest pace since the global financial crisis.
Widodo plans to expand five ports on the nation’s main islands to reduce shipping delays and boost trade, Coordinating Minister for Maritime Affairs Indroyono Soesilo said in an interview this week. The government will also cut red tape that keeps yachts and cruise liners away, he said.
The government needs $5.8 billion to expand five major ports in north Sumatra, Jakarta, east Java, south Sulawesi and Papua in order to serve large vessels and build feeder lines for smaller ports, said Soesilo, without providing a timeframe for project completion.
For more of the Bloomberg story: www.businessweek.com
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