Indonesia, Germany ink $875m deals

JAKARTA - Indonesia and Germany agreed on $875 million worth of business-to-business deals during President Joko Widodo's visit in Berlin, the country's commerce body said on Tuesday.

The Indonesian Chambers of Commerce and Industry said in a statement that the agreements will contribute to the country's economic growth which saw its slowest pace in six years at 4.8 percent last year.

A number were agreements were signed by some companies from the two nations, including between Indonesia's state miner PT Aneka Tambang Tbk with two German firms: Cronimet Corporation, a specialist for stainless steel scrap recycling and Ferrostahl Group, an industrial service provider; and another deal between state-ship operator PT Pelayaran Indonesia (Pelni) and Myer Werf, a ship-yard builder.

"This important partnership expands or even opens up new investment opportunities in Indonesia, and also accelerates the finalization of trade cooperation under the framework of CEPA (Comprehensive Economic Partrnership Agreement) with the European Union, which is expected to be completed within the next two years," said Shinta Widjaja Kamdani, a deputy chairman at Kadin, in the statement.

An Indonesian delegation, led by President Joko, was in Berlin as part of an ongoing state visit to Europe from April 17 to 22, including travels to the United Kingdom, Belgium and the Netherlands.

Indonesia targets its economy to expand at 5.3 percent this year.