investing in indonesia’s chemicals industry - euind …€¦ · pupuk sriwidjaja palembang plans...

Investing in Indonesia’s

Chemicals Industry

An overview of opportunities, capabilities and provisions

European Union Desk at BKPM

© 2014 by Indonesia Investment Coordinating Board (‘BKPM’). All rights reserved

The Investment Coordinating Board of the Republic of Indonesia

2

Contents

Introduction 3

Why Indonesia? 4

Market opportunities 5

Existing and future capabilities 16

Government provisions and support 30

Six good reasons to invest in Indonesia’s Chemical sector 35


3

Introduction

Indonesia’s chemicals industry is vital for the development of the nation's economy and

is booming to meet the high and growing domestic demand for finished and

intermediate chemical products.

With a population of nearly 250 million and a rapidly growing middle-class of more than

140 million people, Indonesia is home to a vast range of consumer and industrial goods

manufacturers, major agriculture plantations, and construction and real estate projects

– all in need of chemicals and chemical products.

As a net importer of chemicals, Indonesia welcomes foreign investment from large,

small and medium enterprises in various fields of the chemicals industry.


4

Why Indonesia?

MARKET OPPORTUNITIES

To meet the demand of

Indonesia’s middle class of

150 million (the largest in

S.E. Asia)

To meet the demand of the

manufacturing sector – which

is expected to grow by 10%

annually until 2025

To meet the demand of the

agricultural sector for

fertilisers (+12% CAGR* of

agricultural land)Sources: ADB, Ministry of Trade, FAO

EXISTING & FUTURE CAPABILITIES

Abundant raw material

resources to support the

chemical industry. Indonesian

production ranks: 1st in CPO,

2nd in Rubber and Tin globally

Large and growing pool of

chemical engineers and

businesses

Lowest operating costs

(labour and utilities) of the

ASEAN-5 countries

Sources: EIA, BPS, fDi Benchmark

GOVERNMENT PROVISIONS & SUPPORT

Government policy target to

have Indonesia produce

70% of plastics goods

consumed nationally

Tax incentives are offered to

private investors in the

sector: tax benefits, tax

holiday.

Basic chemicals industry

part of the acceleration

strategy of Industrialization

2012−2014

Sources: Ministry of Trade, BKPM

* CAGR = Compound Annual Growth Rate)

Market opportunities

© 2014 by Indonesian Investment Coordinating Board. All rights reserved


6

Indonesia’s Chemical Market in 2012

3rd largest contributor

in value to the

manufacturing sector

(12.5%)*

Highest growth

among all industries

(+10.25%)*

Sources: Statistics Indonesia sorted by Ministry of Industry and BKPM, 2012* Fertilisers, Chemicals and Rubber**Chemicals and Pharmaceuticals***Excluding Oil & Gas imports

Largest contributor in

value to FDI inflows

(US$ 2.77 billion

combined)**

Imports Exports

Basic Chemicals 3rd largest ($US 16bn) 3rd largest ($US 5.5bn)

Fertilisers 8th largest ($US 2.9bn) -

Other Chemicals 9th largest( $US 2.8bn) -

Share of total *** 15% ( $US 20.7bn) 4.7% ($US 5.5bn)

Chemicals is one of Indonesia’s most dynamic growth sectors- It is one of the largest contributors to the manufacturing sector

- Largely sourced through imports and FDI

2nd largest import

(15% of overall

Indonesia’s imports)


7

FDI in chemicals into Indonesia

has recorded a steady increase of

more than 13% per year for the

last 5 years.

This is a clear indication of

Indonesia’s increasing

attractiveness for foreign

investments in the chemicals

sector.

A promising FDI trend in chemicals

*CAGR = Compound Annual Growth RateSource: fDi Markets (Financial Times)

Number of chemicals projects by year:

Trend of FDI inflows over the last decade

67%of FDI realised

during the last 5

years of the decade

18% of all projects recorded the

last decade were realised in 2013

and 67% during the 2nd half of the

decade.

10

99

7

3

6

2

6

3

2

2013201220112010200920082007200620052004

CAGR* 13.3%


8

Indonesia’s fertilisers : an opening market

Numerous opportunities exist for foreign companies to fulfil Indonesia’s

growing needs for fertilisers from its expanding plantation businesses.

In 2012, the total import value of fertilisers in Indonesia stood

at US$2.62 billion (of which half was from potassic fertilizers)

Indonesia’s total agricultural area is 54

million hectares (ha.) The area is still

steadily expanding, with an annual average

growth rate of nearly 12% between 2001-11.

This expansion of agricultural land directly

increasing the demand for fertilisers, of

which the production has grown by 4%

CAGR

Indonesia’s agricultural area represents 42%

of South-East Asia’s overall agricultural land,

according to the FAO (2014).

Indonesia’s agriculture sector:

12%Annual

Average

Growth (2001-11)

Source: Indonesia statistics

Source: FAO database (2014)


9

Pupuk Sriwidjaja Palembang

plans to begin construction on

a new nitrogen phosphorus

and potassium (NPK) plant in

2014 and is in the process of

finalising negotiations with

bidders.

Fertilisers: success stories

Petrokimia Gresik / Jordan Phosphate Mines:

In early 2014 the company announced plans to develop

three projects worth US$1.06 billion, including a joint

venture with Middle East based Jordan Phosphate Mines

to construct a new acid phosphate mine scheduled to

commence operations in the second quarter of 2014. The

$200 million USD facility is expected to increase

production of acid phosphate by 200,000 tonnes per year

and will serve as a much needed domestic source of a

key nutrient in compound fertilisers.

As part of the joint venture, Jordan Phosphate Mines will

manage the long term supply of phosphoric rock needed

to produce acid phosphate by importing 770,000 tonnes

of the unprocessed rock from its mines in Jordan every

year.

Pupuk Sriwidjaja Palembang


10

Indonesia’s plastics market is booming

Indonesia’s plastic industry is growing healthily (+22.5% in 2011; +7.5% in 2012

to 3.6 million tonnes) in line with the country’s increased consumption of

products ranging from food & beverages to automobile components

Source: GBG Indonesia

The domestic industry is able to supply around 3.6 million tonnes

of plastic a year against total demand of 4.3 million tonnes

Indonesia's plastic packaging industry grew by 8% to around

US$5.3 billion in 2013 (Indonesian Packaging Federation), with

the Food and Beverage industry representing 40% of the

industry’s sales

Car production has been growing by 31% on average per year

since 2009 to reach a production of 1.1 million cars in 2012

(KPMG). This has bolstered demand for plastic automotive

components.

Indonesia’s per capita consumption of plastic goods remains low

at 10 kg annually compared to 56 kg in Thailand and 45 kg in

Malaysia (Ministry of Trade and Industry) – leaving plenty of

scope for future growth.


11

Indonesia’s cosmetics market

Nationwide sales of cosmetics increased

by almost 15% from 8.5 trillion Rp. in 2011

to 9.76 trillion Rp. in 2012

Source: Ministry of Industry

Based on estimates, Indonesian consumers

continued to increase their spending on

cosmetics at a similar pace in 2013.

With both personal incomes and consumer

aspirations on the rise, the market

demonstrates ample potential for long-term

growth.1.87

2.44

3.17

2011 2012 2013

Imports have contributed to 25% to

overall domestic sales

Source: Ministry of Industry

Value of cosmetics imports (Rp. trillions)


12

Significant opportunities in oleochemicals

Sources: BKPM study on CPO, GAPKI 2011, National Agriculture Data 2014, *2010 Data

As the world’s largest producer of Crude

Palm Oil (50% of world production - 25

million tonnes in 2012), Indonesia has ready

available feedstock thus holding huge

potential in the oleo chemical sector

Indonesia climbing the

value chain and catching up with

Malaysia2

Investment in R&D and

oleochemical plants11 Huge opportunities in R&D have been identified in the

creation of new derivatives and new uses of oleochemicals

(for aromatic solvents, polymers etc.)

2 Malaysia offers 120 derivatives whereas Indonesia offers

20 derivatives. 20% of Malay exports are in form of crude

whereas Indonesia exports are in form of 65% of crude

The wheels are in motion for Indonesia to

fully exploit its huge potential in

oleochemicals


13

Oleochemicals FDI success story

Unilever established an oleochemicals factory in the Special economic industrial zone of Sei

Mangkei, Simalungun, North Sumatera.

Land size of the factory: 18 hectares

Absorbed work force will be up to 260 people

Required annual supply of CPO: 175,000 tonnes

The development of factory will conclude by end of 2014.

Value of investment: IDR 1.4 trillion

The Government is committed to supporting the downstream palm oil industry:

Industrial clusters are planned for the oleo chemical sector in Sei Mangke, North

Sumatera, Kuala Enok and Dumai, Riau as well as Maloy, East Kalimantan.

Fiscal incentives: 30 % reduction of income tax are granted for six years for new

investments

For further information, refer to the section on ‘Government support and provisions’

“60% of Unilever’s consumers are from Indonesia, Unilever hopes to

attract more investors to invest in the local area of North Sumatra

special industrial zone.”

Maurits Lalisang

President Director UNVR


14

Chemicals in real estate and construction

With a strong construction and real estate

sector, significant opportunities lie in :

Paint

Plastics

Construction:

• 10% contribution to

GDP

• +7-8% per year

Real Estate:

• 2.8% contribution to

GDP

• +6% of office supply in

the Jakarta Central

Business District CBD)

• +13.8% outside CBD

Manufacturers of protective paints and

coatings can expect rising sales to property

and public infrastructure projects

Source : Indonesian Contractors Association Coatings


15

Market opportunities in the words of investors and experts

“Indonesia has huge potential for the paint industry, particularly for decorative

paints. It follows the same patterns as consumer goods.”

Iwan Adranacus

President Director, Indaco Paints and Coatings

“The per capita consumption of most chemicals in Indonesia is much lower than

the developed markets indicating a large untapped potential. The construction

industry in Indonesia is a good example which sees large investment in residential

and infrastructure projects. Construction chemicals such as concrete admixtures,

paints and coatings are expected to grow.”

Amit Bajpayee,

Ex-Consulting Director, Chemicals, Materials & Food, Asia Pacific, Frost & Sullivan

“Indonesia has a lot of potential for growth as the consumer market is growing. For

new products we are looking at PET disposable cups, plastic trays and plates. For

a joint venture, we would be looking for partners that are already established in

disposable food packaging.”

Djonny Taslim

President Director, Panca Budi

Existing and future capabilities



17

Indonesia’s Masterplan for Development: 2011-2025 (MP3EI) identifies six economic corridors,

from west to east: (1) Sumatera, (2) Java, (3) Kalimantan, (4) Sulawesi, (5) Bali-Nusa

Tenggara, and (6) Papua – Kepulauan Maluku.

Of these six, three are most relevant to the domestic chemicals industry:

Sumatera, which will become the country’s centre of production and processing of natural

resources and, through it, the palm oil and oleo chemicals industries

Java, and within it the Cilegon Basin, which hosts most of the nation’s chemical production

sites

Kalimantan, which will become the country’s centre of production and processing for

mining and energy reserves.

Indonesia’s Economic Corridors for chemicals


18

The chart below presents the Financial Times’ analysis of the average total operation

costs for a chemicals manufacturing plant. The annual operating cost calculations are

based on the following primary inputs: Labour costs and Utility costs.

Indonesia has the lowest

overall operating costs of

the 5 major ASEAN

markets.

Indonesia has the 2nd lowest

labour costs and the 2nd

lowest utility costs of the 5

countries analysed

A cost-competitive location for chemicals manufacturing

*Based on a renewable energy technology centre headcount of 115, comprising: 1 chief engineer / technical manager, 28 engineers, 1 head of Manufacturing, 2 laboratory technicians, 1 production manager, 27 production operators (highly skilled), 33 production operators (skilled), 14 production operators (unskilled) , 1 quality control manager, 2 quality control specialists , 2 scientists , 3 secretaries.

*


19

How do labour costs in a chemical plant compare?

The chart on the right presents the

Financial Times’ analysis of the

average total labour costs for a

chemical plant in Indonesia and

other emerging markets in South-

East Asia.

Source: fDi Benchmark, a product of the Financial Times, June 2014

Labour costs in chemical plant in

Indonesia are the 2nd most

competitive in the ASEAN-5

Unit Labour Costs (US$) by profession Vietnam Indonesia Philippines Thailand Malaysia

Chief Engineer/Technical Manager 84,137 85,458 81,835 108,183 99,804

Engineer 10,493 13,751 12,805 18,971 21,667

Head of Manufacturing 77,671 92,012 107,291 94,324 113,780

Laboratory Technician 6,418 9,079 9,342 12,708 13,991

Production Manager 52,298 50,909 52,281 62,090 62,520

Production Operative (Highly Skilled) 4,209 5,096 6,808 8,708 10,889

Production Operative (Skilled) 3,242 4,274 5,966 6,583 8,682

Production Operative (Unskilled) 1,815 1,809 2,431 3,340 4,835

Quality Control Manager 84,137 85,458 81,835 108,183 99,804

Quality Control Specialist 9,280 12,162 11,325 16,778 19,163

Scientist 10,493 13,751 12,805 18,971 21,667

Secretary 4,072 4,931 6,587 8,425 10,536


20

Unit costs (US$) by utility type Malaysia Indonesia Thailand Vietnam PhilippinesElectricity – unit cost Kw/h 0.10 0.08 0.12 0.10 0.15Industrial gas – unit cost m3 0.19 0.26 0.31 1.15 1.49

Source: fDi intelligence, Estimates based on Economist Unit and main operators, June 2014

The chart on the right presents

the Financial Times’ analysis

of the average total utility

costs for a chemicals

manufacturing plant in Indonesia

and other emerging markets in

Southeast Asia.

Utility costs in chemical plant in

Indonesia are the 2nd most

competitive in the ASEAN-5

How do utility costs in a chemical plant compare?


21

In 2012, worker productivity in the chemicals sector was the 2nd

highest in Indonesia

Source : Badan Pusat Statistik (BPS, Statistics Indonesia)

A key and high-performing sector : productivity

As a result of high investment

(domestic and foreign), the

productivity grew by 13% on

average per year between 2008 and

2012 to reach close to US$ 73

thousand, reflecting the high

performance of the sector in the

domestic economy.

68,602

72,978

113,627

Basic Metals

Chemicals and ChemicalProducts

Motor Vehicles, Trailers andSemi-trailers

Worker productivity in US$ (2012)


22

A key and high-performing sector : business demographyNumber of Large & Medium

Establishments (2012)

CAGR

2008-12

Chemicals and Chemical

Products923 0.5%

Rubber and Plastic

Products1,592 -1%

Total sector 2,515 -0.5%

Total (all sectors) 23,941 -2%

Total Workers of Large Medium

Manufacturing (2012)

CAGR

2008-12


Products182,115 +4

Rubber and Plastic

Products357,544 +1

Total sector 539,659 +2%

Total (all sectors) 4,382,908 +2%

Value Added (Market Price) of Large

and Medium Manufacturing in Rp. bn

(2012)

CAGR

2008-12


Products118 043 +14%

Rubber and Plastic

Products56,206 +7%

Total sector 174,249 +12%

Total (all sectors) 1,168,222 +10%

• Only the food industry encompasses a

higher number of large & medium

establishments, 24%

• Contraction of the overall manufacturing

sector (-2%), chemicals and plastic

sectors contracted by -0.5% (2008-12)

• The chemical sector has grown faster

than the overall manufacturing sector,

+4% and +2% respectively (2008-12)

• It is the 2nd largest sector after the food

industry

• Only the food industry has a higher

contribution to the overall value added of

manufacturing (19%).

• Chemicals and Plastics industries have

been more dynamic than the overall

manufacturing sector, with value added

of +12% and +10% respectively (2008-

12)Source : Badan Pusat Statistik (BPS, Statistics Indonesia)


23

Existing international investors in Indonesia’s chemicals industry

Major international companies from around the world have recently either

invested or expanded their activities in Indonesia’s booming chemicals market


24

"Indonesia is a strategic location from which to reach out to the whole of south-

east Asia. The set-up of an Indonesian office will bring us closer to our south-

east Asian customers and will allow the company to build on its existing project

management expertise in the fields of coal chemicals, refining and

petrochemical engineering.”

Cui Ying

Vice President, Wison Engineering (China)

"KBR's Jakarta office is an important part of our international strategy.

Indonesia's strategic location, competitive business environment and talented

workforce were factors in selecting Jakarta as our preferred engineering centre

location“.

Louis Pucher,

Ex-senior vice president of KBR's Energy and Chemicals Division

Indonesia’s strengths – in the words of investors

“Indonesia offers real advantages as a manufacturing base due to the price of

the labour compared to China and the character of our human resources which

is much easier to manage. If you have a good relationship with your workers,

then they are very cooperative and compliant.”

Djony Taslim

President Director, Panca Budi


25

Universities, institutes and centres of excellence in chemistry


26

Bandung Institute of Technology (ITB)

Founded in 1941, the Chemical Engineering

Department of the Faculty of Industrial

Technology at ITB is the oldest existing

Chemical Engineering educational institution in

the nation.

Key recent chemicals-related initiatives have

included a programme to create Bioethanol and

Xylitol from Crude Palm Oil (CPO).

Every year the department accepts 105 high

school students onto its Undergraduate Program

www.fti.itb.ac.id

Key institutes and centres of excellence

Universitas Indonesia

The Department of Chemistry (DoCh-

UI) sits within Universitas Indonesia’s

Faculty of Mathematics and Natural

Sciences (FMIPA).

The DoCh-UI was founded in 1960

and currently has 28 academic staff

members: 18 with PhD degrees, 9

with Master degrees and 1 with a

Bachelor degree. The department

currently has 3 Professors and 2

Emeritus Professors.

www.chem.ui.ac.id

http://www.fti.itb.ac.id/

http://www.chem.ui.ac.id/


27

Federation of the Indonesian

Chemical Industry (FIKI)

The Coordinating Agency of the

Chemical Industry (BKS-INKIM) and

the Indonesian Chemical Industry Club

(ICIC) merged to form a new

organization in 2008: Federasi Industri

Kimia Indonesia (Federation of the

Indonesian Chemical Industry) - FIKI. A

key objective of the new organization is

to lead efforts to develop the chemical

industry in Indonesia in ways that

benefit communities and the nation as

a whole.

Key industry associations

Chemical Engineering Chapter,

Institution of Engineers

The Institution of Engineers

Indonesia (PII) was established in

1952 to promote excellence in the

field of engineering. The Chemical

Engineering Chapter is part of the

PII.


28

INAplas (Indonesia Olefin, Aromatic

and Plastic Industry Association)

Established in 2002 through the

integration of seven plastic associations

covering upstream and downstream

industry.

INAplas works hand in hand with the

Government in developing its strategic

industrial development plan. One of the

projects currently being developed

together with the Ministry of Industry is

a Center of Excellence located in

Cilegon, Banten Province.

http://www.inaplas.org

Key industry associations (continued)

Indonesian Packaging

Federation

The Indonesian Packaging

Federation was founded in 1977

as a non-profit business

association for Indonesia’s

packaging industry. The

federation’s core objective is to

enhance packaging quality &

technology development as well

as to encourage research and

development in the packaging

innovations.

www.packindo.org

http://www.inaplas.org/

http://www.packindo.org/


29

Key state-owned enterprises (SOEs)

PT Pupuk Indonesia

Incorporated in 1959, PT Pupuk Indonesia

(PIHC) is an SOE and the first fertilizer

manufacturer in Indonesia supporting national

development policy. It is the largest fertilizer

manufacturer in South East Asia with total

assets of 34.42 trillion Rp. and total

production capacity of 12.71 million tonnes

per year.

PIHC focuses its operations on the

processing of fertilizers and other chemicals,

trade and distribution, corporate management

services and management consulting firms

and other various other services.

http://pupuk-indonesia.com/id

Sang Hyang Seri

Sang Hyang Seri (SHS) is Indonesia’s

wholly state-owned agro-chemicals

company with offices and farms across

Indonesia. Its main lines of business are

dealing with seeds, fertilizer and

agrochemicals.

SHS already collaborates with foreign

investors such as Devgen – a Belgian-

headquartered independent agro-biotech

company. Since 2009, SHS and Devgen

have been collaborating through the

creation of a Hybrid Rice Strategic Business

Unit for hybrid rice seed production.

http://sanghyangseri.co.id

http://pupuk-indonesia.com/id/

http://sanghyangseri.co.id/

Government provisions and support



31

Key institutions

Ministry of Industry

The ministry’s long-term national development vision is to see

Indonesia feature among the world’s industrial heavyweights by

2025. There are two chemicals divisions within the ministry: the

Downstream Chemicals Industry Directorate and the Basic

Chemicals Industry Directorate. Both sit within the Directorate-

General for Industrial Manufacturing.

www.kemenperin.go.id

Indonesian Institute of Sciences

The Indonesian Institute of Sciences (LIPI) is the

governmental authority for science and research in Indonesia.

It consists of 47 research centres, including the Research

Centre for Chemistry.

http://kimia.lipi.go.id

http://www.kemenperin.go.id/

http://kimia.lipi.go.id/


32

“The Indonesian

government has made an

active commitment to

connecting gaps within

domestic industry. Foreign

businesses have been

granted unprecedented

opportunities to aid us in

this process. We believe

that the best way of

developing Indonesia is by

taking a collaborative

approach that utilizes the

strengths of both foreign

and domestic businesses to

benefit the country.”

Panggah Susanto,

Director General,

Manufacturing-base

Industry Unit,

Ministry of Industry

Businesses now receive various incentives from the

government to encourage their expansion in targeted areas.

Incentives include tax benefits for businesses operating in

remote areas; developing infrastructure; transferring

technology to domestic businesses; and establishing research

and development facilities. Incentives exist which guarantee a

corporate tax holiday for five and up to ten years for

companies operating in pioneer industries, including: basic

organic chemicals originating from oil and natural gas

Of particular interest to petrochemical and oleochemical

manufacturers, the tax holiday includes the organic base

chemical industry if a business’s feedstock is derived

from national oil and gas. In the chemicals industry,

foreign businesses are allowed to operate a wholly-

owned subsidiary in certain areas.

The Government has has prioritized nine industry sectors to

be developed in order to fulfil the ASEAN markets, including

fertilizers and petrochemicals. To support the industry, the

government is implementing a Fertilizer Industry

Revitalization Program

Government support


33

Areas restricted or closed for foreign direct investment

CLOSED TO FDI

1. Manufacture of chemicals that can damage

the environment, including:

Chloroalkali through mercury process

Ozone-depleting substances

Active pesticide ingredients

Polychlorinated Biphenyl (PCB),

Hexachlorobenzene

2. Manufacture of chemicals listed in Schedule 1

of the Chemical Weapons Convention

RESTRICTED FDI

1. Manufacture of cyclamates and saccharine

are subject to the requirements imposed by

the Food and Drug Agency and the Ministry of

Trade

2. Manufacture of special inks are subject to an

operating permit from the Coordinating Agency

for Elimination of Money Forgery / the State

Intelligence Agency; and also subject to a

recommendation from the Ministry of Industry

3. Dissolution of lead is subject to a

recommendation from the Ministry of the

Environment and the Ministry of Industry for

industries using used battery raw materials

4. Negative investment list 2014

:http://www4.bkpm.go.id/contents/general/117

139/negative-investment-list#.VCv7jRawSsY

Certain types of activities are closed or restricted to FDI. Key areas

relevant to the chemicals sector are detailed below. BKPM can provide

further details and answer your questions

4. Treatment and disposal of non-hazardous

waste – foreign ownership limited to 95%

5. Retail of cosmetic articles – 100% domestic

capital

http://www4.bkpm.go.id/contents/general/117139/negative-investment-list#.VCv7jRawSsY


34

The investment approval and licencing process

The chart below illustrates the core steps in the investment approval and

licencing process. BKPM can provide further details on the process and

specific requirements at each stage


35

6 good reasons to invest in Indonesia’s chemicals sector

A growing

manufacturing sector

in need chemical

products

- Predicted annual growth of

10% over the next 10 years

A growing

agricultural sector in

need of fertilisers

- Agricultural land growing by

12% per year

A fast growing middle

class in need of

consumer goods

- 146 million people in 2014

A net importer of

chemicals, implying

huge investment

opportunities

- Net imports of more than

US$10 billion only in basic

chemicals

Indonesian

Government

welcomes foreign

businesses

- Through its Policy of National

Industry which provides fiscal

and non fiscal incentives

Development of vibrant

clusters in the

Chemical industry

- Indonesia’s Masterplan for

Development (2011-2025)

supports the development of

Sumatra, Java and Kalimantan’s

chemical clusters

Source: Ministry of Trade Source: FAO Source: Asian Development Bank (ADB)

Source: Ministry of Trade


36

For further information, contact us at:

EUROPEAN UNION DESK INDONESIA INVESTMENT COORDINATING BOARD (BKPM)Jl. Jend. Gatot Subroto No. 44, Jakarta 12190P.O. Box 3186, IndonesiaMobile : +62 812 1863 1551Email : [email protected] : www.euind-tcf.com

This presentation has been developed for BKPM with the support of:

BKPM International Representatives Offices:

mailto:[email protected]

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