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Indonesia welcomed China's PT. STM Tinggal Jaya and Tidfore Group among seven foreign and domestic companies in their Palu Special Economic Zone (KEK Palu) through a memorandum of understanding signed on Tuesday.

The Jakarta Post reported that the MoU will see seven companies investing around US$5 million on average in various sectors like electricity, water, transportation and distribution into the Palu Special Economic Zone (KEK Palu).

PT Bangun Sulawesi Tengah director and operator of KEK Palu Mulhanan Tomnolotutu signed the MoU at the Central Sulawesi capital Palu. Governor Longki Djanggola was also present at the signing.

Among the investors penetrating the Indonesian shores were South Korea's Korea Western Power while the local investors were PT Pelabuhan Indonesia IV, PT Wika Jabar Power, PT PP Energi and PT Pertagas Niaga.

Longki welcomed the investment and urged businesses to kickstart operations soon while reiterating that the development of the KEK Palu zone was spurred by a recent meet with Indonesia's president Jokowi Widodo.