Jakarta. Best & Grow Investment Group, a Medan-based property company, signed up Shenzhen Qixin Construction Group, a Chinese design and architectural firm to help the former develop a $7.4 billion integrated industrial estate in North Sumatra.
Best & Grow and Shenzhen Qixin signed the partnership agreement in Beijing in the weekend, with Minister of Industry Airlangga Hartarto and Coordinating Minister for Maritime Affairs Luhut Binsar Panjaitan as witnesses.
Luhut said he hopes Best & Grow’s partnership with an international design company will encourage more foreign companies to invest in North Sumatra. “They’ll have the full support of the government,” Luhut said in a statement on Sunday (14/05).
The complex, called the Golden Integrated Industrial Port Estate (GIIPE), is the brainchild of local tycoon Ishak Charlie, Indonesia’s 150th richest man according to Globe Asia.
Ishak was part of President Joko “Jokowi” Widodo’s envoy visiting China last week to woo Chinese investors to put money in the industrial complex project.
Ishak, who is also the commissioner in Best & Grow, said the GIIPE has opened up 2,000 hectares of land in Percut Sei Tuan, an area 16 kilometers from the Medan city center, 3.5 kilometers from Kuala Namu International Airport and 9.5 kilometers from Belawan Port.
The company plans to expand the industrial complex by 50 percent to 3,000 hectares over the next few years, and equip it with a power plant, a sea port, a housing complex, a cruise-ship port, a golf club and a business zone.
Previous Best & Grow projects include the JW Marriott hotel in Medan and one of the city’s largest shopping malls, Centre Point, as well as plenty of housing complexes and townhouses.