Visiting Chinese Premier Li Qiang on Friday pledged US$21.7 billion in new Chinese investment in Indonesia to strengthen the countries’ economic and political ties, an official said.
Li arrived in Jakarta on Tuesday to attend the three-day summit of the Association of Southeast Asian Nations and meet with Indonesian leaders.
President Joko Widodo hosted Li at the colonial-style Merdeka palace in Jakarta on Friday and discussed ways to expand trade and investment. He sought China’s help in plans to move Indonesia’s capital from congested and polluted Jakarta on the main island of Java to Nusantara on Borneo island.
After the meeting, Foreign Minister Retno Marsudi announced the new Chinese investment pledge, which follows a previous US$44.89 billion investment commitment made when Widodo met Chinese President Xi Jinping in July. Details of the new investment weren’t announced.
Marsudi said Widodo asked China, Indonesia’s largest trade and investment partner, to “realize these commitments immediately” and urged it to explore investment in other sectors, such as maritime and fisheries.
The two leaders also oversaw the signing of six agreements on e-commerce, support for enterprises, industrial cooperation, agriculture, fisheries and science and technology, Marsudi said.
On Wednesday, Li took a test ride on Indonesia’s new US$7.3 billion high-speed rail line, which was funded largely with Chinese loans. It connects Jakarta and Bandung, the heavily populated capital of West Java province, and is part of China’s Belt and Road infrastructure initiative.
Commercial service on Southeast Asia’s first high-speed railway is to begin on Oct. 1 and will cut travel time between the cities from the current three hours to about 40 minutes.
Indonesia wants a larger role in supplying nickel and other raw materials for China’s fast-growing electric car makers. Nickel smelting plants in Indonesia are part of China’s Belt and Road transnational development program.
Indonesia and China are both members of the Group of 20 major developed and emerging economies. The two leaders were to leave Jakarta on Friday afternoon for New Delhi to attend the G20 summit.
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Associated Press writer Jim Gomez contributed to this report.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
