- Mondelez invests $23 million to expand in Indonesia
- G20 finance leaders urge care in unwinding pandemic support
- Mitsubishi Materials, Freeport Indonesia expand copper smelter capacity
- India to Indonesia: Emerging Asia central banks run out of room to wait
- “The expansion is targeted to be completed before the end of December 2023,” said Irjuniawan Radjamin, a PT Smelting director.
Indonesia’s economic growth accelerated in the final quarter of last year following the easing of anti-virus mobility restrictions and record-high exports, driven by stronger commodity prices.
Southeast Asia’s largest economy grew 5.02 percent on a yearly basis in the October-December quarter, compared with 3.51 percent growth in the previous quarter, data from Statistics Indonesia showed on Monday. A Reuters news agency poll had expected fourth-quarter growth of 4.90 percent.
Mondelez invests $23 million to expand in Indonesia
Mondelez International, Inc. announced it has completed a $23 million expansion of its Oreo cookies production line in Cikarang, Indonesia, a project the company said significantly increases its Oreo production capacity to meet growing local and export demand in 35 countries across Southeast Asia and the broader Asia Pacific and Middle East region.
With the expansion the Cikarang plant becomes one of Mondelez’s largest cookie and cracker facilities in the world. In addition to regular Oreos the company makes Mini Oreos and Ritz crackers at the plant.
G20 finance leaders urge care in unwinding pandemic support
In opening the meetings, Indonesian President Joko Widodo urged that countries cooperate to support the global recovery and avoid tensions like those in Ukraine.
The geopolitical situation adds to challenges G-20 countries are facing,” Indonesian Finance Minister Sri Mulyani Indrawati said after the talks wrapped up.
Inflation has pushed prices of food, energy and other vital necessities sharply higher at a time when many countries are still trying to get COVID-19 outbreaks under control. That has financial leaders treading a precarious path between raising costs of borrowing to cool inflation and while trying to avoid derailing nascent economic recoveries.
The US Federal Reserve is pulling back on massive support for markets and businesses, preparing to raise interest rates as soon as next month to cool inflation that jumped to 7.5% in January the highest rate in 40 years.
Mitsubishi Materials, Freeport Indonesia expand copper smelter capacity
The expansion will increase output capacity at the plant to 342,000 tonnes of copper cathode from 300,000 tonnes currently, the company said in a statement.
“The expansion is targeted to be completed before the end of December 2023,” said Irjuniawan Radjamin, a PT Smelting director.
PT Smelting processes copper concentrate produced by Freeport Indonesia, a unit of Freeport-McMoRan, from the Grasberg mine in Indonesia’s Papua region.
The expansion will boost input capacity at the plant to 1.3 million tonnes copper concentrate from 1 million tonnes at present, the statement said.
Resource-rich Indonesia is keen to develop its downstream metal industry to boost investment and create jobs, with President Joko Widodo saying the government plans to ban exports of raw materials to encourage such investments. India to Indonesia: Emerging Asia central banks run out of room to wait
India, Indonesia and Thailand kept their benchmark interest rates at record lows last week, and the also stood pat Thursday, as they navigate tentative economic recoveries amid continued virus outbreaks.