JAKARTA, Jan. 28 (Chinese media) -- Indonesian Industry Minister FahmiIdris required steel investors in the country that they should have efficient technology applications, their production should be based in South Kalimantan, and they have to launch joint venture with local companies.
The Indonesian Business daily on Wednesday quoted the Ministry's Director General for Textile Machinery and Miscellany Ansari Bukhari as saying that the requirements are targeting the rapid growing of foreign investors in the industry.
Indonesia has an abundant resources of ion ores that are supplied for many steel manufacturer in the country. Thus, many transnational steel producers were very keen on investing in and establishing steel manufacturers in the country, such as Pohang Steel Co. (Posco) with a total investment up to 1 billion U.S. dollar and ArcelorMittal with a total investment up to 800 million dollars.
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