FOR PRESS FRI. 8 OCTOBER 1.976
ADDRESS AT THE OPENING OF THE P. T. JAMES HARDIE ASBESTOS,
INDONESIA
The factory which the President is opening today, P. T. James
Hardie Indonesia,, is Australia's largest joint venture
investment to date in Indonesia.
Though Australia had not traditinlybeasgifct
axporter of private investment capital, Australian companies
have, in recent years, shown. a keen interest in
participating in projects in neighbouring countries.
Indonesia, in particular, has been a focus for Australian
investment arid now draws more private Australian investment
funds than any other country in the South East Asian region.
This is James Hardie's second joint venture project in
Indonesia and-a number of other leading Australian companies
among them and Monier, also
are contributing to the economic development of your country.
The Australian Government is conscious of the contribution
Australian private investment, accompanied by technical
know-how and managerial skills, can make to the growth of
other countries.
Our policy is to encourage such investment, especially on a joint
venture basis, provided it is in harmony with the host
country's social and economic development plans and its
investment policies and procedures. Australian industry was
quick to respond to the attitude of your Government to foreign
investment. Early approval was given to an investment that
hasnow become a household word in Indonesia Indomilk a
joint venture between N. V. Marison, and the ( then) Australian
Dairy Produce Board.
Australian industry's confidence in Indonesia's economy
prospects has been expressed in joint venture investment
in many fields. Manufacture of steel roofing and wall cladding,
aluminium extrusions,. industrial gases, zinc oxide, glass
containers, roof tiles,, ready-mix concrete, drums for oil
industry, and in tin mining. / 2
Our own approach to foreign investment in Iustralia has
been to encourage joint ventures while recognisinig the great
contribution that such investment can make to development.
At present, the Indonesian Government has approved
46 Australian proposals for joint ventures which together
represent a joint commitment of some A$ 156 million.
Apart from Australian investment in Papua New Guinea, which is
a somewhat special case, Indonesia is by far the greatest
recipient of Australian investment. I believe that Australian
business has been careful to comply with the wishes of your
Government relating to foreign investment.
That Indonesian financial participation should be widened
as time goes on, and that a transfer of know-how should take
place at all, levels of the joint venture through training
for Indonesian employees.
This factory employs a large number of Indonesians in both
production and managerial operations. They will benefit from
the succe-ss of this enterprise. I hop--, therefore, that this
joint venture will receive the support of Indonesian contractors
who require asbestos pipes and sheets, and of course the
various Departments of the Government of Indonesia who are
substantial users of the products made by this company.
As countries we both recognise -the great importance of encouraging
the enterprise and initiative and -the benefits that can flow
from such enterprise to all our people.
I wish James Hardie well. 000000000Q