India’s massive investments in Africa bode well for the future, says government

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NUSA DUA, Bali (ANTARA) – Indonesia’s substantial investments and strong economic ties in Africa bode well for the region’s future, said Investment Minister Roshan Roslani.

“By developing infrastructure, strengthening trade integration and advancing bilateral investment agreements, we are laying the foundation for a bright and prosperous era,” he told the Indonesia-Africa Parliamentary Forum (IAPF) meeting in Bali on Sunday.

He further stressed ASEAN’s solidarity with African countries, noting that ASEAN’s efforts with African countries for independence and development began in 1955 when Indonesia hosted the Bandung Conference – a significant moment in the anti-colonialism and non-aligned movements.

He said economic cooperation between ASEAN and Africa is influenced by their respective unique histories and current global geopolitical conditions that affect trade, investment and regional stability.

Despite the progress made in cooperation between ASEAN and Africa, he acknowledged that some challenges still exist and that greater trade integration and innovation are needed to promote economic growth and investment.

“Looking ahead, let us continue to coordinate sustainable, inclusive investments and resources that benefit both of our regions,” said Rossrani.

According to the ministry, Indonesia has invested $2.09 billion in various African countries, and some Indonesian companies have operations in eight African countries.

Strategic investments include PT Pertamina, the state-owned energy company in Kenya and Tanzania, PT Medco Energi in the oil and gas sector in Mozambique, and PT Biofarma and PT Wings Group in Kenya’s pharmaceutical and consumer products sectors.

In return, Africa’s investment in Indonesia has reached US$1.73 billion.

Indonesia exports processed products to Africa and imports raw materials from Africa.

Roslani revealed that Indonesia is also promoting bilateral investment agreements with African countries to ensure a stable investment environment.

Currently, there are three bilateral investment agreements in the pre-negotiation stage, four agreements in the approval stage, and two agreements in the entry into force stage.

“These agreements are essential to protect and encourage our investments. Our natural resources complement each other,” he said.

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