Jakarta (ANTARA News) - Indonesia became the first foreign country to invest in Rusnano, the Russian nanotechnology developing company, with a value of US$30 million for the initial phase of a total amount of $100 million.

A statement from the Russia-Indonesia Business Council received by ANTARA here on Thursday said that the Russian nanotechnology company and Indonesian infrastructure company, PT Wijaya Infrastructure Indonesia, signed an agreement to establish the International Aerospace Foundation (IASF).

The agreement was made at the annual Indonesia-Russia Business Forum on October 31, 2016, in Jakarta.

The document paper was signed by Rusnanos Investment Director Dmitry Pimkin and President Director of PT Wijaya Infrastructure Indonesia, Didie Soewondho, who is also the Chairman of the Indonesia-Russia Business Council.

"It is important that most Russian companies, which are interested in working in Indonesia, already have local partners or are in the process of selection," the CEO of Russian-Indonesian Business Council, Mikhail Kuritsyn, said.

After the completion of the investment, the funds will be used within five years for the development of navigation systems and satellite communication systems, the manufacture of new materials and components for satellites, aircraft and production and other related economic sectors.

The Russia-Indonesia Business Forum was attended by the Russian Federation Minister of Industry and Trade, Denis Manturov; the Indonesian Minister of Maritime Affairs and Fisheries, Susi Pudjiastuti; the Indonesian Coordinating Minister for Economic Affairs, Darmin Nasution; and the Russian Federation Ambassador Extraordinary and Plenipotentiary to Indonesia, Mikhail Galuzin.

The forum was participated by 150 delegates from Indonesian companies and 100 representatives from Russian companies, including Russian Railways, United Shipbuilding Corporation, Rosneft, Rusal, Rusnano and Rostech.

The Russia-Indonesia Business Council is a non-governmental organization which was established to bring together Russian and Indonesian businesses.

Its main mission was to develop a mutually beneficial business relationship in order to strengthen and expand economic trade, investment and scientific cooperation between the two countries.(*)

Editor: Heru Purwanto
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