South Korean Property Giant to Invest in Bali and Banten: BKPM

The Jakarta Globe – Jakarta. One of South Korea’s largest property companies has indicated an interest to invest in real estate projects in Bali and Banten, the Investment Coordinating Board, or BKPM, said in a statement on Friday (04/11).

The board’s statement came as BKPM head Thomas Lembong, accompanied by the board’s officials, attended the Pohang Iron and Steel Company (Posco) Global Early Vendor Involvement Forum 2016 in Incheon, South Korea, from Monday to Wednesday.

The potential for investment was reported by the Indonesian Investment Promotion Center (IIPC), a BKPM agency which helps out foreign companies to establish their business in Indonesia.

Thomas said the South Korean investor wants to build a residential complex in Bali and a residential complex, shopping malls, a cinema and a duty free shop in Tangerang.

He said direct foreign investment in hotels and resorts will encourage growth in the tourism sector — especially in the 10 priority tourist destinations that the government has set.

According to BKPM data from January to September, South Korea ranked eight in investment activities in Indonesia, with $743 million in total investment from 1,944 projects — 3,5 percent of the total realized investment in Indonesia.

Total realized investment in the country was up 13.4 percent in the three quarters, compared to the same period last year, totaling Rp 514.15 trillion ($39.3 billion) and 21,843 projects, and has created at least 960,041 new jobs.