Handset assembly giant, Foxconn is to invest up to US$1 billion in Indonesia, it has announced.
The Taiwan based company, which employs most of its staff in China has been looking to expand into other countries and been setting up local plants worldwide. In part due to local trade and tax incentives and in part due to rising wage costs within China itself.
The company said that it will invest in Indonesia in the Jakarta province, due to its superior infrastructure compared to the rest of the country, highlighting the importance of good road and rail links for manufacturers.
"We plan to come up with detailed investment plans for the Indonesian and Jakarta authorities in three months," a company official said.
Once started, the investment is expected to be completed in three to five years, leaving open a fairly wide margin for changes to the plans in the future.
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