Exclusive | Indonesia forecasts multibillion-dollar belt and road investments in four growth regions

Speaking on the sidelines of last week’s forum, the country’s investment minister says he finds Beijing’s openness to feedback ‘highly encouraging’

‘I believe in the next five to 10 years, belt and road will stimulate additional investment in probably tens of billions of dollars,’ Tom Lembong said

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Tom Lembong, head of the Indonesian Investment Coordinating Board.

Published: 8:30am, 29 Apr 2019Updated: 11:13am, 1 May 2019

Indonesia has found China’s openness to its feedback on improving the Belt and Road Initiative highly encouraging” and is forecasting multibillion-dollar investments by Chinese firms in four regions earmarked as future growth drivers, the country’s investment minister Tom Lembong said.

Lembong, who heads the Indonesian Investment Coordinating Board (BKPM), said one suggestion he gave Beijing was to involve professionals who could structure fair and financially viable deals for its ambitious plan to boost global trade and connectivity.

To that end, the BKPM signed an agreement last week with Chinese investment bank CICC to scrutinise new belt and road investments into Indonesia, the Harvard-educated former banker said in an exclusive interview with the South China Morning Post.

“The ultimate vindication of the [Belt and Road Initiative’s] success is when projects can tap capital markets,” Lembong said on the sidelines of the second Belt and Road Forum, which he attended as part of a high-level Indonesian delegation led by vice-president Jusuf Kalla. Kalla had discussions with Chinese President Xi Jinping and Vice-President Wang Qishan.

Jusuf Kalla and Xi Jinping with their wives. Photo: Xinhua

“I believe in the next five to 10 years, BRI will stimulate additional investment in probably tens of billions of dollars, and what both sides are trying to ensure now is the quality of investment, not just the quantity,” Lembong said.