did you see that in the pre market?, page-56

us firms expressing interest in geothermal

SBY touts RI natural resources on Wall Street
Bagus BT Saragih, The Jakarta Post, New York | Headlines | Wed, September 26 2012, 9:59 AM
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Paper Edition | Page: 3

President Susilo Bambang Yudhoyono addressed the US financial community and industry leaders on Wall Street on Monday, showcasing Indonesia’s strength as a major commodity producer and its unique selling points among other emerging economies.

At the first-ever Indonesia Investment Day held at the New York Stock Exchange, Yudhoyono said investors could benefit not only from the country’s abundant and diversified natural resources, but also from the creation of value-added products as the country further climbed the global production chain.

“You can find almost everything in Indonesia: oil and gas, coal, geothermal, tin, copper, nickel, aluminum, bauxite, iron, cacao, coffee,” Yudhoyono said in his keynote speech on Monday local time.

“When it comes to oil, we have oil underground, under the sea and even above the ground: palm oil,” Yudhoyono added which brought laughter from the audience.

The President also assured that Indonesia would treat its wealth of resources in a sustainable manner, ensuring that the country would not fall into the so-called resource trap.

The government recently issued a set of ministerial regulations imposing a 20 percent export tax on 65 types of minerals — excluding coal, and encouraging investment in smelters ahead of the full ban on mineral exports in 2014.

The move was deemed necessary as part of the government’s drive to support the creation of value-added products as well as controlling their environmental impact and achieving sustainable development. Yudhoyono’s Wall Street address was part of his one-week state visit to the city for the 67th United Nations General Assembly and other meetings.

Among dozens of top American businesspeople attending the event at the NYSE were CEOs of Celanese, Honeywell, Coca Cola, General Electrics, IBM, Goldman Sachs, Mattel and Boeing.

Prior to the event, Indonesia’s ambassador to the US, Dino Patti Djalal, addressed an investment forum attended by top American CEOs, saying that Indonesia deserved the same global recognition given to other emerging economies.

“When I assumed this job as ambassador, I asked President Susilo Bambang Yudhoyono ‘What should be my priority?’ His instruction was very simple and clear. He said, ‘Dino, make sure that when America thinks of Asia, they don’t just think of China and India, but they see a strong, growing and glowing Indonesia as one of the big Asian nations,” Dino told the forum.

His remarks drew applause from his listeners, including Yudhoyono who sat in the front row.

“This forum contains such an interesting and exciting agenda. So, today, Indonesia is occupying Wall Street! Although, only until noon,” Dino said to laughter from the audience.

President of the NYSE Duncan Niederaur spoke after Dino. He said, “to be honest, we are glad to be occupied by Indonesia. Maybe next time you can have the whole day, or please come again tomorrow.” Coordinating Economic Minister Hatta Rajasa told reporters that many US firms had expressed an interest in investing in geothermal energy.

“The government has decided to give various kinds of incentives, such as tax holidays, for investors in renewable energy particularly in the Eastern region of Indonesia,” he said.

According to Hatta, Chevron Corporation has drawn up plans to develop deep-sea gas exploration in the Makassar Strait worth US$10 billion.

The investment day also witnessed the signing of two agreements. One of the agreements was an industrial offset agreement between the Indonesian government and Boeing which also covers training, regulatory and safety issues.

On Thursday, the last day of his New York visit, the President will meet with a number of CEOs from major US companies, such as IBM CEO Virginia M. Rometty, Honeywell CEO David Cote, Cargill CEO Gregory Page and Millennium Challenge Corp. CEO Daniel Yohannes