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China signs agreements worth billions

China signed agreements to invest US$20 billion in Indonesia to build scores of electricity, telecommunications and other infrastructure projects over the next 20 years, a news report said yesterday.

Vice President Jusuf Kalla also said the rupiah's recent depreciation -- the currency fell to a four-year low against the US dollar earlier this week -- offered the Chinese an opportunity to get more for their money.

"There is now a good opportunity for Chinese businessmen to invest in Indonesia due to our favorable and competitive exchange rate," Kalla said on a visit to China, according to the Jakarta Post.

"You can buy land and invest in machinery cheaper than before," he said.

Indonesia badly needs foreign investment to keep the economy growing and produce jobs for millions of new graduates.

A weakening rupiah and a more stable government has increased the country's prospects and helped foreign investment jump 74 percent in the first seven months of this year.
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