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#IAFBali2018 – Indonesia, African companies sign US$586.56m business deals

JAKARTA (RambuEnergy.com) – Tens of corporations from Indonesia and Africa on Monday (10/4) signed a number of business agreements worth US$586.56 million on the sideline of the first Indonesia Africa Forum 2018 held in Nusa Dua Bali.

At least 10 business agreements were signed on the sideline of the conference witnessed by Vice President Jusuf Kalla, which opened the forum.

The ten business deals are as follows:
– Business cooperation between Indonesia Eximbank and The African Export-Import Bank worth US$100 million
– Indonesia Eximbank and Standard Chartered Bank valued at US$100 million
– Indonesia Eximbank and Commerzbank worth US$122.8 million
– State-owned aviation company PT DI and A.D. Trade Belgium worth US$75 million
– State-owned shipbuilder PT PAL and A.D. Trade Belgium worth US$110 million
– PT Wika, Indonesia Eximbank, and Chief of Cabinet of Republic of Nigeria worth US$26,7 million
– PT Timah and Topwide Ventures Ltd. worth US$25.5 million
– Private owned textile producer PT Sritex and Amirco Commercial Sevices (Global Textile) worth US$20 million
– GMF AeroAsia, Max Air, and Ethiopian Airlines worth US$3.7 million
– PT Perusahaan Perniagaan Internasional and Madaranch Madagascar worth US$3 million

Jusuf Kall said that he expects the trade relationship between Indonesia and Africa will continue to strengthen as reflected in the trade volume between the two sides, which has reached US$8.84 billion in 2017, up 15.25% from 2016.

Indonesia imported oil, cocoa and other commodities from Africa and Africa imported crude palm oil, vehicles and consumer products such as instant noodle from Indonesia.

In addition, African companies have also invested around US$1.7 billion in 2017. For Indonesia, said Trade Minister Enggartiasto Lukito, Africa is a new market for a number of Indonesian products.

Timah and Topwide Ventures
The deal between Timah and Topwide Ventures was a followed-up agreement signed by the two parties in December last year, in which both parties agreed to set up a joint venture company.

Both parties agreed to carry out exploration, mining, processing and purification, transportation, sales & marketing of tin and derivative minerals located in Nigeria.

The signing of this JVA was carried out by President Director of PT Timah Tbk, Mochtar Riza Pahlevi and Chairman of Topwide Ventures Limited Clement Annie Okonkwo at Hotel Fraser Abuja, Nigeria.

The future Joint Venture Co. will optimize the mining concession area of 16,000 ha and is targeted at an early stage to have a production capacity of up to 5,000 Mton of Ingots per year. In the near future, it is planned that the West African-based company will soon complete the initial process to be able to build the factory and targeted by 2018 can already start construction.

Chairman of Topwide Venture Limited Annie Okonkwo stated that the cooperation of the two companies is a step that will have a positive impact on the economy not only for Nigeria but also for Africa.

PT Timah Tbk started a breakthrough after sometime ago officially became part of Holding Mining Industry of Indonesia, now PT Timah Tbk executes a leap into the global arena where Nigeria became an expansion of the company’s business. The company sees Nigeria as a potential deposit-based tin producer and also has a long history of world tin. (*)

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